A man sells a bicycle for $720, making a loss of 10%. What was the cost price of

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Question: A man sells a bicycle for $720, making a loss of 10%. What was the cost price of the bicycle?

Options:

Correct Answer: $800

Solution:

Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 720. x = 720/0.9 = 800.

A man sells a bicycle for $720, making a loss of 10%. What was the cost price of the bicycle?

A man sells a bicycle for $720, making a loss of 10%. What was the cost price of the bicycle?

Step 1: Understand that the Selling Price (SP) is $720.
Step 2: Know that the man made a loss of 10%. This means he sold the bicycle for 90% of its Cost Price (CP).
Step 3: Write the relationship between Cost Price and Selling Price: SP = CP - 10% of CP.
Step 4: Rewrite the equation using 'x' for Cost Price: SP = x - 0.1x = 0.9x.
Step 5: Set up the equation: 0.9x = 720.
Step 6: To find x (Cost Price), divide both sides of the equation by 0.9: x = 720 / 0.9.
Step 7: Calculate the value: x = 800.
Step 8: Conclude that the Cost Price of the bicycle is $800.

Profit and Loss – Understanding how to calculate cost price from selling price and percentage loss.
Percentage Calculation – Applying percentage to determine the relationship between cost price and selling price.