If a seller sells an item for $450 at a loss of 10%, what was the cost price?

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Question: If a seller sells an item for $450 at a loss of 10%, what was the cost price?

Options:

Correct Answer: $500

Solution:

Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 450. x = 450/0.9 = 500.

If a seller sells an item for $450 at a loss of 10%, what was the cost price?

If a seller sells an item for $450 at a loss of 10%, what was the cost price?

Step 1: Understand that the selling price is $450 and the seller sold it at a loss of 10%.
Step 2: Let the cost price be represented as 'x'.
Step 3: Since the seller sold at a loss of 10%, the selling price is 90% of the cost price. This can be written as: Selling Price = Cost Price - 10% of Cost Price.
Step 4: This can be simplified to: Selling Price = 0.9 * Cost Price, or 0.9x.
Step 5: Set up the equation: 0.9x = 450.
Step 6: To find 'x', divide both sides of the equation by 0.9: x = 450 / 0.9.
Step 7: Calculate the value: x = 500.
Step 8: Therefore, the cost price of the item is $500.

Cost Price and Selling Price – Understanding the relationship between cost price, selling price, and profit/loss percentage.
Percentage Calculations – Applying percentage loss to determine the selling price from the cost price.