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A laptop is sold for $800 after a profit of 60%. What was the cost price?

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Question: A laptop is sold for $800 after a profit of 60%. What was the cost price?

Options:

  1. $500
  2. $600
  3. $700
  4. $400

Correct Answer: $600

Solution: 

Let Cost Price = x. Selling Price = x + 60% of x = 1.6x. 1.6x = 800. x = 800/1.6 = 500.

A laptop is sold for $800 after a profit of 60%. What was the cost price?

Practice Questions

Q1
A laptop is sold for $800 after a profit of 60%. What was the cost price?
  1. $500
  2. $600
  3. $700
  4. $400

Questions & Step-by-Step Solutions

A laptop is sold for $800 after a profit of 60%. What was the cost price?
  • Step 1: Understand that the Selling Price (SP) is $800.
  • Step 2: Know that the profit is 60% of the Cost Price (CP).
  • Step 3: Let the Cost Price be represented as 'x'.
  • Step 4: Calculate the Selling Price using the formula: SP = CP + Profit.
  • Step 5: Since Profit is 60% of CP, we can write it as: Profit = 0.6 * x.
  • Step 6: Substitute the Profit into the Selling Price formula: SP = x + 0.6x.
  • Step 7: Combine the terms: SP = 1.6x.
  • Step 8: Set the Selling Price equal to $800: 1.6x = 800.
  • Step 9: Solve for x by dividing both sides by 1.6: x = 800 / 1.6.
  • Step 10: Calculate the value: x = 500.
  • Profit Calculation – Understanding how to calculate the cost price from the selling price and profit percentage.
  • Percentage Application – Applying percentage increase to determine the selling price based on the cost price.
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