A shopkeeper bought a bicycle for GH₵ 500.00 and later sold it at a loss of 15%. What was the selling price?
Answer and explanation
Correct answer: D. GH₵ 425.00
- Step 1: Amount of loss = 15% of GH₵ 500 = 0.15 500 = GH₵ 75.00. Step 2. Selling price = Cost Price - Loss = GH₵ 500.00 - GH₵ 75.00 = GH₵ 425.00. Answer: GH₵ 425.00. Why not the others:* GH₵ 75.00 is the loss amount, not selling price; GH₵ 400.00 represents a 20% loss; GH₵ 450.00 represents a 10% loss.
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