If an item is sold for Rs. 2400 at a 20% loss, what was its actual (cost) price?

If an item is sold for Rs. 2400 at a 20% loss, what was its actual (cost) price?

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