The cost price of a vest is 30% less than that of the sweater. A profit of 20% is made when the sweater is sold for $24. What is the cost price of the vest?
|
Vest |
Sweater |
Cost price |
70% |
100% |
Profit |
|
+ 20% |
Selling price |
|
120% |
Cost price of the sweater in percentage = 100%
Cost price of the vest in percentage
= 100% - 30%
= 70%
Selling price of the sweater in percentage
= 100% + 20%
= 120%
120% → 24
1% → 24 ÷ 120 = 0.20
70% → 70 x 0.20 = 14
Cost price of the vest = $14
Answer(s): $14