Profit And Loss
Math MCQs

Question :    A shopkeeper earns a profit of 125% after selling some items for $5422.50. Find the cost price of those items.

Correct Answer  2410

Solution & Explanation

Solution

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

The cost price (CP) can be found using the formula, algebraic method, using shortcut method, and taking the cost price as 100, 200, 300, 400, 500, or whatever you want.

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

Given, the sale price (SP) = $5422.5

And, the profit = 125%

Then, the Cost Price (CP) = ?

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

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

Thus, the Cost Price (CP)

= ¹⁰⁰/_{100 + 125} × 5422.5

= ^{100 × 5422.5}/₂₂₅

= ⁵⁴²²⁵⁰/₂₂₅ = 2410

Thus, the Cost Price (CP) = $2410 Answer

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

Let the Cost Price (CP) = m

Here given profit = 125%

Calculation of Profit

Profit is calculated on cost price (CP)

Formula to find the Profit = Profit% of CP

Thus, profit on the cost price of m

= 125% of m

= 125% × m

= ¹²⁵/₁₀₀ × m

⇒ Profit = ^{125 m}/₁₀₀

Calculation of Cost Price (CP)

The Sale Price (SP) = Cost Price (CP) + Profit

⇒ 5422.5 = m + ^{125 m}/₁₀₀

⇒ 5422.5 = ^{100 m + 125 m}/₁₀₀

⇒ 5422.5 = ^{225 m}/₁₀₀

After cross multiplication, we get

5422.5 × 100 = 225 m

⇒ 225 m = 5422.5 × 100

⇒ m = ^{5422.5 × 100}/₂₂₅

⇒ m = ⁵⁴²²⁵⁰/₂₂₅ = 2410

⇒ m = 2410

Thus, the Cost Price (CP) = $2410 Answer

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

Given, the sale price (SP) = $5422.5

And, the profit = 125%

Then, the Cost Price (CP) = ?

Let Cost Price (CP) = 100

Thus profit = 125% of 100 = 125

Thus, Sale Price (SP) = Cost Price (CP) + Profit

⇒ Sale Price (SP) = 100 + 125

⇒ Sale Price (SP) = 225

∵ If the Sale Price (SP) is 225, then the Cost Price (CP) = 100

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

= ¹⁰⁰/₂₂₅

∴ If the Sale Price (SP) is 5422.5, then the Cost Price (CP)

= ¹⁰⁰/₂₂₅ × 5422.5

= ^{100 × 5422.5}/₂₂₅

= ⁵⁴²²⁵⁰/₂₂₅ = 2410

Thus, the Cost Price (CP) = $2410 Answer

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

Given, the sale price (SP) = $5422.5

And, the profit = 125%

Then, the Cost Price (CP) = ?

SP = 225% of CP

⇒ SP = ²²⁵/₁₀₀ × CP

⇒ 5422.5 = ^{225 CP}/₁₀₀

After cross multiplication

⇒ 5422.5 × 100 = 225 CP

⇒ 225 CP = 5422.5 × 100

⇒ CP = ^{5422.5 × 100}/₂₂₅

⇒ CP = ⁵⁴²²⁵⁰/₂₂₅ = 2410

⇒ CP = $2410 Answer

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(3) What will be profit percent if John buys 6 articles for $1 and sells 5 articles for $1?

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(9) Peter buys 5 articles for $1 and sells 4 articles for $1. Find the profit percent in this sale.

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