NotaMathPerson said:
A person, selling a horse for $72, finds that his loss per cent is one-eight of the number of dollars that he paid for the horse; what was the cost price?
Can anybody explain the part " loss per cent" and how do I express that algebraically. Thanks!
Hey NotaMathPerson! ;)
That is quite ambiguous.
Suppose the cost price is $C$, then his loss is $C - 72$.
It could mean:
1. His loss per cent of the cost price (which would be my expectation). That would mean that we have $\frac{C-72}{100C} = \frac C 8$.
2. His loss per cent of the selling price. That would mean that we have $\frac{C-72}{7200} = \frac C 8$.
3. If there is a typo, his loss percentage of the cost price, meaning $\frac{C-72}{C} = \frac C 8$.
4. If there is a typo, his loss percentage of the selling price, meaning $\frac{C-72}{72} = \frac C 8$.
Options 1 and 3 do not have a solution, so for now I'm inclined to assume we're talking about option 2, but seeing the result I wouldn't be surprised if option 4 was intended.
Anyway, how about solving it for option 2? (Wondering)
EDIT: I have just noticed that your title mentions solving a quadratic equation.
That suggests that option 1
is intended after all...