Profit And Loss
Math MCQs

Question :    Bill sold his bicycle at a profit of 15%. If he purchased that bicycle at $200 then find the sale price of the cycle.

Correct Answer  Sale Price = $230

Solution & Explanation

Solution

Given, Cost Price = $200

Profit % = 15%

Therefore, Sale Price = ?

Calculation of Sale Price after calculation of profit

Calculation of profit when cost price and profit% are given

Profit = Cost Price × Profit%

= $200 × 15%

= 200 × ¹⁵/₁₀₀

= 200 2 ¹⁵/₁₀₀

= 2 × 15 = $30

Thus, profit = $30

Calculation of Sale Price when profit and Cost Price are known

Sale Price = Cost Price + Profit

= $200 + $30 = $230

Thus, Sale Price of the bicycle = $230 Answer

Shortcut Trick to calculate Sale Price when cost price and profit percent are known

Here, Cost Price = $200

And profit = 15%

Therefore, Sale Price = Cost Price + (Profit% of Cost Price)

= 200 + (15% of 200)

= 200 + (¹⁵/₁₀₀ × 200 2)

= 200 + (15 × 2)

= 200 + 30 = 230

Thus, Sale Price = $230 Answer

Calculation of Sale Price (SP) using formula when Cost Price (CP) and profit percent are given

Sale Price (SP) = ^{100 + profit%}/₁₀₀ × Cost Price

= ^{100 + 15}/₁₀₀ × 200

= ¹¹⁵/₁₀₀ × 200 2

= 115 × 2 = 230

Therefore, Sale Price = $230 Answer

Similar Questions

(1) Find the cost price, if a trader gets a loss of 73% by selling 100 bags of apples for $3890.70 then find the cost price of the apples.

(2) Find the cost price, if a trader gets a loss of 42% by selling an article for $4761.80

(3) A dealer loses 59% by selling an article for $1152.10. For how much should he sell it to get a profit of 58%?

(4) For how much should a trader sell an item to get a profit of 49% if he loses 50% by selling it for $1180.00?

(5) Find the cost price, if a trader gets a loss of 57% by selling a TV set for $4820.30

(6) If a trader earned a profit of 350% by selling a housing plot for $31095 then, what was the cost price of the plot?

(7) For how much should he sell the bicycle to get a profit of 19%, if a shopkeeper loses 20% by selling it for $688?

(8) Find the cost price, if a share broker gets a loss of 27% by selling 200 shares for $3803.30.

(9) If a trader gets a loss of 71% by selling 150 bags of corn flakes for $4062.90 then find the cost price of the corn flakes.

(10) By selling some goods for $3249 a shopkeeper earns a profit of 90%. Find the cost price of those goods.