A bag was sold for $324 thereby gaining 8%. Find the cost price of the bag.
Solution:
Given selling price = $324
Gain% = 8%
We know, cost price = selling price × 100/100 + gain%
Therefore, cost price = 324 × 100/100 + 8
= 324 × 100/108
= 12 × 25
= $300
Therefore, the cost price of the bag is $300.
