If a product is sold at a loss of 10% for $90, what was the cost price?

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Question: If a product is sold at a loss of 10% for $90, what was the cost price?

Options:

Correct Answer: $100

Solution:

Let the cost price be x. Selling Price = Cost Price - Loss = x - 0.1x = 0.9x. 0.9x = 90, x = 90/0.9 = 100.

If a product is sold at a loss of 10% for $90, what was the cost price?

If a product is sold at a loss of 10% for $90, what was the cost price?

Step 1: Understand that the selling price (SP) is $90.
Step 2: Know that the product is sold at a loss of 10%.
Step 3: Let the cost price (CP) be represented as 'x'.
Step 4: Since there is a loss of 10%, the selling price is 90% of the cost price. This can be written as: SP = CP - Loss.
Step 5: The loss can be calculated as 10% of the cost price, which is 0.1x.
Step 6: Therefore, the selling price can also be expressed as: SP = x - 0.1x = 0.9x.
Step 7: Set up the equation: 0.9x = 90.
Step 8: To find 'x', divide both sides of the equation by 0.9: x = 90 / 0.9.
Step 9: Calculate the value: x = 100.
Step 10: Conclude that the cost price is $100.

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