A man sells a book for $80, making a profit of 60%. What was the cost price of t

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Question: A man sells a book for $80, making a profit of 60%. What was the cost price of the book?

Options:

Correct Answer: $40

Solution:

Let Cost Price = x. Selling Price = x + 60% of x = 1.6x. 1.6x = 80. x = 80/1.6 = 50.

A man sells a book for $80, making a profit of 60%. What was the cost price of the book?

A man sells a book for $80, making a profit of 60%. What was the cost price of the book?

Step 1: Let the cost price of the book be represented as 'x'.
Step 2: The selling price is given as $80.
Step 3: The profit is 60% of the cost price. This means the selling price is equal to the cost price plus 60% of the cost price.
Step 4: We can express this as: Selling Price = Cost Price + 60% of Cost Price.
Step 5: In mathematical terms, this can be written as: Selling Price = x + 0.6x.
Step 6: Combine the terms: Selling Price = 1.6x.
Step 7: We know the selling price is $80, so we can set up the equation: 1.6x = 80.
Step 8: To find 'x', divide both sides of the equation by 1.6: x = 80 / 1.6.
Step 9: Calculate the value: x = 50.
Step 10: Therefore, the cost price of the book is $50.

Profit Calculation – Understanding how to calculate profit percentage and its relation to cost price and selling price.
Algebraic Manipulation – Using algebra to solve for unknown variables in equations.