00:01
So we are to solve here for the cost price.
00:06
So we will use the formula of profit, which is we have profit is equivalent to the selling price, selling price minus the cost price.
00:24
Okay, so we know that the profit is 20 % of the cost price.
00:29
So we'll write here 20 % of cost price.
00:44
And then selling price, we know that it is $48 ,000.
00:50
Cost price is unknown.
00:55
And therefore, we need to solve for the amount of the, i mean, the selling price.
01:05
If we wanted to have a profit of 25%.
01:09
So first, let us solve for the value of our cost price of the bike.
01:14
Okay, so here we write 20 % in decimal form is 0 .20.
01:19
And then cost price, we'll call it cp...