P sold his bicycle to Q at a profit of 10%. Q sold it to R for N209 at a loss of 5%. How much did the bicycle cost P?
A
N200
B
N196
C
N180
D
N205
E
N150
Verified Correct Answer: A.
Step-by-Step Mathematical Solution
Let the selling price(SP from P to Q be represented by x
i.e. SP = x
When SP = x at 10% profit
CP = \(\frac{100}{100}\) + 10 of x = \(\frac{100}{110}\) of x
when Q sells to R, SP = N209 at loss of 5%
Q's cost price = Q's selling price
CP = \(\frac{100}{95}\) x 209
= 220.00
x = 220
= \(\frac{2200}{11}\)
= 200
= N200.00
Source: Myschool Past Questions Archive (Record #32327)