Question

A refrigerator is sold for $1998 and a 11% profit is made.

Find the original cost of that refrigerator.

Answer 1

The original price of the refrigerator sat at approximately $2,217.78

Answer 2

Cost Price = $1800

Explanation:

Let cost price (CP) be x

Selling price(SP) = 1998

Profit = Selling price - cost price = 1998 - x

`profit \% = (SP - CP)/(CP)`

`(11)/(100) = (1998-x)/(x)`

`0.11 = (1998)/(x) - 1\\\\1 + 0.11 = (1988)/(x)\\\\1.11 = (1998)/(x)\\\\x = (1998)/(1.11) = 1800`