Question

A book is sold for $5.40, at a profit of 8% on the cost price. What was the cost price?

O A. $6
O B. $7
O. C. $8
OD. $5

Answer 1

The cost price of the book is $5.

Step-by-step explanation:

To find the cost price, we can use the formula: Selling Price = Cost Price + Profit.

In this case, the book is sold for $5.40 and the profit is 8% of the cost price.

Let's assume the cost price is x dollars.

So, we have the equation: $5.40 = x + 0.08x.

Combining like terms, we get 1.08x = $5.40.

Dividing both sides by 1.08,

we find that x, the cost price, is $5.

Therefore, the cost price of the book is $5.