A bicycle is sold for $180, which is 20% more than its cost price. What is the c

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Question: A bicycle is sold for $180, which is 20% more than its cost price. What is the cost price?

Options:

Correct Answer: $150

Solution:

Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 180. x = 180/1.2 = 150.

A bicycle is sold for $180, which is 20% more than its cost price. What is the cost price?

A bicycle is sold for $180, which is 20% more than its cost price. What is the cost price?

Step 1: Let the cost price of the bicycle be represented as 'x'.
Step 2: The selling price is given as $180.
Step 3: The selling price is also described as 20% more than the cost price. This means selling price = cost price + 20% of cost price.
Step 4: We can express this mathematically: Selling Price = x + 0.2x.
Step 5: Combine the terms: Selling Price = 1.2x.
Step 6: We know the selling price is $180, so we can set up the equation: 1.2x = 180.
Step 7: To find 'x', divide both sides of the equation by 1.2: x = 180 / 1.2.
Step 8: Calculate the value: x = 150.

Percentage Increase – Understanding how to calculate a selling price based on a percentage increase from the cost price.
Algebraic Manipulation – Using algebra to express relationships between cost price and selling price.