Jane bought a bicycle and sold it for 30% more than she paid for it. She sold it for $104. How much did she pay for it?
I'm reviewing for an exam I'm taking this evening and I'm not sure how to do this one.
Thank you for the opportunity to help you with your question!
Let the buying price be x.
selling price was 30% more than buying price = 130% x
x= 104*100/130 = $ 80
buying price is therefore $ 80
Thank you for answering my question. I do have another question about this problem. Why does 30% turn into 130%?
This is because selling price =b.p + 30% bp
s.p =100% b.p +30% b.p
alternatively you can use the formulas
profit =s.p -b.p
% profit =((s.p -b.p)/b.p) * 100%
30 % = ((104 -b.p)/b.p))*100%
0.3 = (104 -b.p)/b.p)
0.3 b.p. =104- b.p.
1.3 b.p. =104
b.p = 104/1.3 = 80
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