Given:
The percentage increase in the selling price than the cost price, r=60%.
The selling price of a toy, y=$14.
1)Read
First, we read the problem carefully.
2)Define variable.
Let x be the cost price of the toys.
3)Translate
Restate the problem into one sentence and then translate it into an equation.
The selling price, $14, is 60% more than the cost price or the amount paid by Cheryl.
[tex]\begin{gathered} 14=\frac{100+60}{100}\times x \\ 14=\frac{160}{100}x\text{ ---(1)} \end{gathered}[/tex]
4)Solve
Solve equation.
First write the equation.
[tex]14=\frac{160}{100}x[/tex]
Multiply both sides by 100/160.
[tex]14\times\frac{100}{160}=\frac{160}{100}x\times\frac{100}{160}[/tex]
Simplify.
[tex]8.75=x[/tex]
5) Check
We got the cost price, x=$8.75.
To check whether the answer is correct or not, let us check if selling price $14 is 60% more than $8.75.
[tex]8.75\times\frac{160}{100}=14[/tex]
Since selling price $14 is 60% more than $8.75, it is confirmed that the cost price is $8.75.
