Question
A trade that sold an article for 150 naira and made a profit of 20% what was the cost price of the article
Answers
GPT-4o mini
To find the cost price (CP) of the article when it was sold for 150 naira with a profit of 20%, we can use the formula for selling price (SP):
\[
SP = CP + \text{Profit}
\]
The profit can be calculated as a percentage of the cost price:
\[
\text{Profit} = \text{CP} \times \frac{20}{100} = 0.2 \times \text{CP}
\]
So, we can rewrite the selling price formula as:
\[
SP = CP + 0.2 \times CP = 1.2 \times CP
\]
Given that the selling price is 150 naira, we can set up the equation:
\[
150 = 1.2 \times CP
\]
Now, solving for CP:
\[
CP = \frac{150}{1.2} = 125
\]
Therefore, the cost price of the article is **125 naira**.
\[
SP = CP + \text{Profit}
\]
The profit can be calculated as a percentage of the cost price:
\[
\text{Profit} = \text{CP} \times \frac{20}{100} = 0.2 \times \text{CP}
\]
So, we can rewrite the selling price formula as:
\[
SP = CP + 0.2 \times CP = 1.2 \times CP
\]
Given that the selling price is 150 naira, we can set up the equation:
\[
150 = 1.2 \times CP
\]
Now, solving for CP:
\[
CP = \frac{150}{1.2} = 125
\]
Therefore, the cost price of the article is **125 naira**.