SOLUTION: I sold a smoothie for $420. a) if I made a profit of 20% what was the cost price? b) if I incurred a loss of 20%, what was his cost price?

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Question 1091509: I sold a smoothie for $420.
a) if I made a profit of 20% what was the cost price?
b) if I incurred a loss of 20%, what was his cost price?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
cost price is x
made 20%
1.20x is the sale price=$420
divide both sides by 1.20
x=$350, and 20% profit is $70.
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cost was x
loss of 20% means sold for 0.80x
$420/0.8=$525.
20% of $525 is $105 and that is the sale price, the decrease over the original amount. Notice that the differences are not the same.