Profit And Loss
Math MCQs

Question :    Find the cost price, if a trader gets a loss of 64% by selling five TV sets for $4539.6

Correct Answer  $12610

Solution & Explanation

Solution

Finding the cost price if the sale price and loss percent are known

The cost price (CP) can be found using the formula, algebraic method, shortcut method, and taking the cost price as 100, 200, 300, 400, 500, or whatever you want. Here the five methods to solve this problem have been given.

Method (1) Using Formula

Finding the cost price using the formula when the sale price and loss percent are known

Given, the sale price (SP) = $4539.6

And, the loss = 64%

Then, the Cost Price (CP) = ?

Formula to find the cost price when the sale price and loss percent are known

Cost Price (CP) = ¹⁰⁰/_{100 – gain%} × SP

Thus, the Cost Price (CP)

= ¹⁰⁰/_{100 – 64} × 4539.6

= ¹⁰⁰/₃₆ × 4539.6

= ⁴⁵³⁹⁶⁰/₃₆ = 12610

Thus, the Cost Price (CP) = $12610 Answer

Method (2) Algebraic Method

Finding the cost price (CP) using the Algebraic Method when the Sale Price (SP) and the loss percent are given

Let the Cost Price (CP) = m

Here given loss = 64%

Calculation of loss

The loss and/or profit is calculated on the cost price (CP)

Formula to find the loss when the Cost Price and the Loss% are given

Loss = loss% of CP

Thus, loss on the cost price of m

= Loss% of m

= 64% of m

= 64% × m

= ⁶⁴/₁₀₀ × m

⇒ loss = ^{64 m}/₁₀₀

Calculation of Cost Price (CP)

Formula to find the Sale Price (SP) when the Cost Price (CP) and the Loss are given

Sale Price (SP) = Cost Price (CP) – Loss

⇒ 4539.6 = m – ^{64 m}/₁₀₀

⇒ 4539.6 = ^{100 m – 64 m}/₁₀₀

⇒ 4539.6 = ^{36 m}/₁₀₀

After cross multiplication, we get

4539.6 × 100 = 36 m

⇒ 36 m = 4539.6 × 100

⇒ m = ^{4539.6 × 100}/₃₆

⇒ m = ^{4539.6 × 100}/₃₆

⇒ m = ⁴⁵³⁹⁶⁰/₃₆ = 12610

Thus, the Cost Price (CP) = $12610 Answer

Method (3) Unitary Method

Finding the cost price (CP) using Unitary Method by taking the cost price (CP) is equal to 100 when the SP and the loss percent are given

Given, the sale price (SP) = $4539.6

And, the loss = 64%

Then, the Cost Price (CP) = ?

Let Cost Price (CP) = 100

Thus loss = 64% of 100 = 64

Thus, Sale Price (SP) = Cost Price (CP) – loss

⇒ Sale Price (SP) = 100 – 64

⇒ Sale Price (SP) = 36

∵ If the Sale Price (SP) is 36, then the Cost Price (CP) = 100

∴ If the Sale Price (SP) is 1, then the Cost Price (CP)

= ¹⁰⁰/₃₆

∴ If the Sale Price (SP) is 4539.6, then the Cost Price (CP)

= ¹⁰⁰/₃₆ × 4539.6

= ^{100 × 4539.6}/₃₆ = 12610

Thus, the Cost Price (CP) = $12610 Answer

Method (4) Shortcut Method (1)

Shortcut Method to find Cost Price (CP) when SP and loss percent are known

Given, the sale price (SP) = $4539.6

And, the loss = 64%

Then, the Cost Price (CP) = ?

SP = 36% of CP

⇒ SP = 36% of CP

⇒ 4539.6 = ³⁶/₁₀₀ × CP

⇒ 4539.6 = ^{36 CP}/₁₀₀

After cross multiplication

⇒ 4539.6 × 100 = 36 CP

⇒ 36 CP = 4539.6 × 100

⇒ CP = ^{4539.6 × 100}/₃₆

⇒ CP = ⁴⁵³⁹⁶⁰/₃₆ = 12610

⇒ CP = $12610 Answer

Method (5) Shortcut Method (2)

Shortcut Method (2) to find Cost Price (CP) when SP and loss percent are known

Here loss and the Sale Price are given and the Cost Price is to find

Here as given, the loss = 64%

And the Sale Price = $4539.6

This means 100 – loss% of the Cost Price = Sale Price

⇒ 100 – 64% of the Cost Price = $4539.6

⇒ 36% of the Cost Price = 4539.6

Therefore, 1% of the Cost Price = ^4539.6/₃₆

Thus, 100% the Cost Price = ^4539.6/₃₆ × 100

= ⁴⁵³⁹⁶⁰/₃₆ = 12610

Thus the Cost Price (CP) = $12610 Answer

Similar Questions

(1) A trader earns a profit of 100% by selling an article for $3820.00. Find the cost price.

(2) Find the cost price, if a broker earns a profit of 385% by selling an article for $36908.5

(3) Calculate the profit in percent if Mr. John buys 67 articles for $1 and sells 66 articles for $1.

(4) Find the earnings percentage if a peddler buys 51 articles for $1 and sells 50 articles for $1.

(5) What will the earnings in percent if a vendor buys 42 apples for $1 and sells at a rate of 41 apples per $1?

(6) Mr. Jack buys 13 articles for $1 and sells 12 articles for $1. Find his profit percent.

(7) Mr. Oliver loses 79% by selling an article for $800.10. For how much should he sell it to get a profit of 78%?

(8) Find the profit percent if a vendor buys 9 articles for $1 and sells 8 articles for $1.

(9) A trader loses 30% by selling an article for $952. For how much should he sell it to get a profit of 29%?

(10) Find the cost price, if a vendor gets a loss of 56% by selling a TV set for $4844.40.