If a man sells a bicycle for $300 at a loss of 10%, what was the cost price of t

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Question: If a man sells a bicycle for $300 at a loss of 10%, what was the cost price of the bicycle?

Options:

Correct Answer: $270

Solution:

Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 300. x = 300/0.9 = 333.33. Therefore, Cost Price = $333.33.

If a man sells a bicycle for $300 at a loss of 10%, what was the cost price of the bicycle?

If a man sells a bicycle for $300 at a loss of 10%, what was the cost price of the bicycle?

Step 1: Understand that the Selling Price (SP) is $300.
Step 2: Know that the man sold the bicycle at a loss of 10%.
Step 3: Recognize that a loss of 10% means he sold it for 90% of the Cost Price (CP).
Step 4: Write the equation for Selling Price: SP = CP - 10% of CP.
Step 5: Rewrite the equation using 'x' for Cost Price: SP = x - 0.1x = 0.9x.
Step 6: Set up the equation: 0.9x = 300.
Step 7: Solve for x by dividing both sides by 0.9: x = 300 / 0.9.
Step 8: Calculate the value: x = 333.33.
Step 9: Conclude that the Cost Price of the bicycle is $333.33.

Cost Price and Selling Price – Understanding the relationship between cost price, selling price, and profit/loss percentage.
Percentage Calculations – Calculating percentages and their impact on financial transactions.