If an item is sold for Rs. 2400 at a 20% loss, what was its actual (cost) price?
If an item is sold for Rs. 2400 at a 20% loss, what was its actual (cost) price?
Explanation
Let's denote the cost price as CP.
Given selling price (SP) = Rs 2400
Loss percentage = 20%
CP = SP / (1 - Loss percentage)
= 2400 / (1 - 0.20)
= 2400 / 0.80
= Rs 3000