If a product is sold for $240 after a discount of 20%, what was the marked price

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Question: If a product is sold for $240 after a discount of 20%, what was the marked price?

Options:

Correct Answer: $300

Solution:

Let Marked Price = x. Selling Price = x - 20% of x = 0.8x. 0.8x = 240. x = 240/0.8 = 300.

If a product is sold for $240 after a discount of 20%, what was the marked price?

If a product is sold for $240 after a discount of 20%, what was the marked price?

Step 1: Understand that the selling price is the price after the discount is applied.
Step 2: Let the marked price be represented as 'x'.
Step 3: Since there is a 20% discount, the selling price is 80% of the marked price.
Step 4: Write the equation for the selling price: Selling Price = Marked Price - Discount.
Step 5: Substitute the values: Selling Price = x - 0.2x = 0.8x.
Step 6: We know the selling price is $240, so set up the equation: 0.8x = 240.
Step 7: To find 'x', divide both sides of the equation by 0.8: x = 240 / 0.8.
Step 8: Calculate the value: x = 300.
Step 9: Conclude that the marked price is $300.

Percentage Discount – Understanding how to calculate the selling price after applying a percentage discount to the marked price.
Algebraic Manipulation – Using algebra to solve for the marked price by setting up an equation based on the relationship between marked price, discount, and selling price.