A shopkeeper sells a shirt at a loss of 15%. If the selling price is $425, what is the cost price of the shirt?
Question
A shopkeeper sells a shirt at a loss of 15%. If the selling price is $425, what is the cost price of the shirt?
Solution
Step 1: Understand that the selling price is 85% of the cost price because the shopkeeper sells the shirt at a 15% loss.
Step 2: Set up the equation to find the cost price (CP). If 85% of CP equals the selling price (SP), then 0.85 * CP = SP.
Step 3: Substitute the given selling price into the equation. So, 0.85 * CP = $425.
Step 4: Solve the equation for CP. Divide both sides of the equation by 0.85 to isolate CP.
So, CP = 500.
Therefore, the cost price of the shirt is $500.
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