The owner of the cell phone shop charges 23% more than the cost price. If a customer paid 7011 for a cell phone, find the cost price of the cell phone.
Question
The owner of the cell phone shop charges 23% more than the cost price. If a customer paid 7011 for a cell phone, find the cost price of the cell phone.
Solution
Sure, here's how you can solve this problem:
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First, understand that the price the customer paid is 123% of the cost price. This is because the owner charges 23% more than the cost price.
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To find the cost price, you need to calculate what 100% would be.
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To do this, divide the price paid by the customer (7011) by 123%. Remember to convert the percentage to a decimal in the calculation, so 123% becomes 1.23.
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So, the calculation is 7011 / 1.23.
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When you do this calculation, you get approximately 5700.
So, the cost price of the cell phone is approximately 5700.
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