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If an item is sold for Rs. 2400 at a 20% loss, what was its actual (cost) price?
  1. Rs. 2800
  2. Rs. 3000
  3. Rs. 2600
  4. None of these
Explanation

Let's denote the cost price as CP.

Given selling price (SP) = Rs 2400

Loss percentage = 20%

CP = SP / (1 - Loss percentage)

= 2400 / (1 - 0.20)

= 2400 / 0.80

= Rs 3000

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