Answer: Cost Price = $1, 636.36
Step-by-step explanation:
Given from the question Selling price (SP)= $1800; Profit%= 10%= 10/100 = 0.1
Cost price(CP)= ??
Profit% is derived by the formula
=(SP-CP)/ CP x 100
0.1 = (1800 - CP)/CP x 100
Then we cross multiply
0.1 x 100 x CP = 1800 - CP
10 CP = 100(1800 - CP)
Open the bracket
10 CP=180000 - 100CP
Divide both sides by 10
CP = 180000 - 100CP/10
CP = 18000 - 10CP
Combine like terms
CP + 10CP = 18000
11CP = 18000
Divide both sides by 11
CP = 18000/11
CP = $1, 636.36
