A man made a loss of 15% by selling an article for N595. Find the cost price of the article
Question 1 Report
A man made a loss of 15% by selling an article for N595. Find the cost price of the article
Answer Details
To find the cost price of the article, we need to use the formula:
Selling price = Cost price - Loss
where the loss is given as a percentage of the cost price. In this case, the loss is 15%.
Let's first convert the loss percentage to a decimal:
15% = 0.15
Now we can substitute the given values into the formula:
N595 = Cost price - 0.15(Cost price)
Simplifying this equation, we get:
N595 = Cost price - 0.15Cost price
N595 = 0.85Cost price
To solve for the cost price, we can divide both sides of the equation by 0.85:
Cost price = N595 ÷ 0.85
Cost price = N700
Therefore, the cost price of the article is N700.00.
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