If a product is marked at $200 and sold at a 10% profit, what is the cost price?
Practice Questions
1 question
Q1
If a product is marked at $200 and sold at a 10% profit, what is the cost price?
$150
$160
$180
$190
Let the cost price be x. Then, 1.1x = 200 => x = 200 / 1.1 = 181.82.
Questions & Step-by-step Solutions
1 item
Q
Q: If a product is marked at $200 and sold at a 10% profit, what is the cost price?
Solution: Let the cost price be x. Then, 1.1x = 200 => x = 200 / 1.1 = 181.82.
Steps: 6
Step 1: Understand that the product is sold at a 10% profit. This means the selling price is 110% of the cost price.
Step 2: Let the cost price be represented by 'x'.
Step 3: Write the equation for the selling price: Selling Price = Cost Price + Profit. Since the profit is 10% of the cost price, we can say Selling Price = x + 0.1x = 1.1x.
Step 4: We know the selling price is $200, so we can set up the equation: 1.1x = 200.
Step 5: To find 'x', divide both sides of the equation by 1.1: x = 200 / 1.1.
