Question

Gai gained an amount of $35 when she sold her bike at a profit of 5%. What is the cost price of the bike?

a) $700
b) $665
c) $666.67
d) $750

Answer 1

The cost price of the bike is $700.

Step-by-step explanation:

To find the cost price of the bike, we can use the formula:

Cost price = Selling price - Profit

Given that the profit is 5% of the cost price and Gai gained $35, we can calculate the cost price:

Cost price = $35 / 0.05 = $700

Therefore, the cost price of the bike is $700.