A man sells a bicycle for $300, making a loss of 10%. What was the cost price of

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Question: A man sells a bicycle for $300, making a loss of 10%. What was the cost price of the bicycle?

Options:

Correct Answer: $330

Solution:

Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. Therefore, 0.9x = 300. x = 300/0.9 = 333.33.

A man sells a bicycle for $300, making a loss of 10%. What was the cost price of the bicycle?

A man sells a bicycle for $300, making a loss of 10%. What was the cost price of the bicycle?

Step 1: Understand that the selling price of the bicycle is $300.
Step 2: Know that the man sold the bicycle at a loss of 10%.
Step 3: Recognize that a loss of 10% means he sold it for 90% of the cost price.
Step 4: Let the cost price be represented as 'x'.
Step 5: Write the equation for the selling price: Selling Price = Cost Price - 10% of Cost Price.
Step 6: This can be written as Selling Price = x - 0.1x = 0.9x.
Step 7: Set up the equation: 0.9x = 300.
Step 8: To find 'x', divide both sides of the equation by 0.9: x = 300 / 0.9.
Step 9: Calculate the value: x = 333.33.
Step 10: Conclude that the cost price of the bicycle is $333.33.

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