If a store sells an item for $200, making a loss of 20%, what was the cost price of the item?Choices:- $240 $250 $260 $27
Question
If a store sells an item for $200, making a loss of 20%, what was the cost price of the item?
Choices:
- $240
- $250
- $260
- $27
Solution
The cost price of the item can be calculated using the formula for loss percentage which is:
Loss % = (Loss / Cost Price) * 100
We can rearrange this formula to find the cost price:
Cost Price = Loss / (Loss % / 100)
In this case, the loss is the difference between the cost price and the selling price, which is 20% of the cost price. So, we can also write the formula as:
Cost Price = Selling Price / (1 - Loss % / 100)
Substituting the given values:
Cost Price = 200 / 0.8 Cost Price = $250
So, the cost price of the item was $250.
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