A store sells a laptop for $800 after applying a 20% markup. What was the cost p

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Question: A store sells a laptop for $800 after applying a 20% markup. What was the cost price?

Options:

Correct Answer: 640

Solution:

Let cost price be x. Then, 1.2x = 800. Cost price = 800 / 1.2 = 666.67.

A store sells a laptop for $800 after applying a 20% markup. What was the cost price?

A store sells a laptop for $800 after applying a 20% markup. What was the cost price?

Step 1: Understand that the store sells the laptop for $800 after adding a 20% markup to the cost price.
Step 2: Let the cost price be represented by 'x'.
Step 3: Since there is a 20% markup, the selling price is 120% of the cost price. This can be written as 1.2 times the cost price: 1.2x.
Step 4: Set up the equation: 1.2x = 800.
Step 5: To find the cost price (x), divide both sides of the equation by 1.2: x = 800 / 1.2.
Step 6: Calculate the value: 800 divided by 1.2 equals approximately 666.67.
Step 7: Therefore, the cost price of the laptop is $666.67.

Markup Calculation – Understanding how to calculate the cost price from the selling price and markup percentage.
Algebraic Manipulation – Using algebra to isolate variables and solve for unknowns.