Multiple choice

The profit made by selling an article for \$1000 is double the loss incurred when it is sold at \$700. What is the cost price of the article?

  1. $850
  2. $750
  3. $800
  4. $900
  5. $1000
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Let CP be x. Profit = 1000 - x. Loss = x - 700. Given 1000 - x = 2(x - 700). 1000 - x = 2x - 1400. 3x = 2400. x = 800.

AI explanation

Let the cost price be CP, so the profit equation is 1000 - CP = 2 * (CP - 700). Expanding this gives 1000 - CP = 2CP - 1400. Solving for CP yields 3CP = 2400, so the cost price is \$800. The result is \$800.

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