Question

In 2017, the price of a business text rose to $150.00. This is 8% more than the cost of the textbook in 2016. What was the old selling price of the book in 2016?

          In 2017, the price of a business text rose to $150.00. This is 8% more than the cost of the textbook in 2016. What was the old selling price of the book in 2016?
        

Added by Alexandra H.

Elementary and Intermediate Algebra
Elementary and Intermediate Algebra
Alan S. Tussy, R. David Gustafson 5th Edition
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In 2017, the price of a business text rose to $150.00. This is 8% more than the cost of the textbook in 2016. What was the old selling price of the book in 2016?
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Transcript

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00:01 So for this, we let x as our cost price.
00:15 And then we will use the formula in finding of profit.
00:22 Profit is equivalent to the selling price.
00:27 Selling price minus the cost price.
00:35 So profit is given as 8 % of the cost.
00:39 That means 8 % of x and the selling price is 5 .40.
00:48 Okay, so minus cost price is again over x.
00:52 So 8 % of x, you divide 8 % by 100 so that it will be in this small form.
00:58 We'll get 0 .08 x went to 540 minus x...
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