Profit And Loss
Math MCQs

Question :    If a shopkeeper loses 38% by selling some articles for $1091.20 then, he should sell them to get a profit of 37% for how much?

Correct Answer  2411.2

Solution & Explanation

Strategy to solve the question

Step (1) Calculate the cost price at given loss percent and the sale price.

Step (2) After gettting the cost price find the sale price at given profit percent.

Solution

Method (1) Formula Method

Finding the Sale Price to earn a profit using formula when the Sale Price at a loss is given

Given, the sale price (SP) = $1091.2

And, the loss = 38%

Then, the Sale Price (SP) to earn a profit of 37% = ?

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 – 38} × 1091.2

= ¹⁰⁰/₆₂ × 1091.2

= ^{100 × 1091.2}/₆₂

= ¹⁰⁹¹²⁰/₆₂ = 1760

Thus, the Cost Price (CP) = $1760

Finding the Sale Price using the formula when the cost price and Profit percent are known

Here now, CP = $1760

And, profit = 37%

Thus Sale Price (SP) = ?

Formula to find the Sale Price (SP) when the cost price (CP) and profit percent are known

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

Thus, the Sale Price (SP)

= ^{100 + 37}/₁₀₀ × 1760

= ¹³⁷/₁₀₀ × 1760

= ^{137 × 1760}/₁₀₀

= ²⁴¹¹²⁰/₁₀₀ = 2411.2

Thus, Sale Price (SP) at a profit of 37% = $2411.2 Answer

Method (2) Algebraic Method

Finding the Sale Price (SP) to earn the given profit using the Algebraic Method when the Sale Pric (SP) at a loss percent is given

Given, the sale price (SP) = $1091.2

And, the loss = 38%

Then, the Sale Price (SP) to earn a profit of 37% = ?

Let the Cost Price (CP) = m

Here given loss = 38%

Calculation of loss

loss is calculated on cost price (CP)

Formula to find the loss = loss% of CP

Thus, loss on the cost price of m

= 38% of m

= 38% × m

= ³⁸/₁₀₀ × m

⇒ loss = ^{38 m}/₁₀₀

Calculation of Cost Price (CP)

The Sale Price (SP) = Cost Price (CP) – loss

⇒ 1091.2 = m – ^{38 m}/₁₀₀

⇒ 1091.2 = ^{100 m – 38 m}/₁₀₀

⇒ 1091.2 = ^{62 m}/₁₀₀

After cross multiplication, we get

1091.2 × 100 = 62 m

⇒ 62 m = 1091.2 × 100

⇒ m = ^{1091.2 × 100}/₆₂

⇒ m = ¹⁰⁹¹²⁰/₆₂ = 1760

⇒ m = 1760

Thus, the Cost Price (CP) = $1760

Finding the Sale Price (SP) when the Cost Price (CP) and profit percent are known

Now, here, Cost Price = 1760

And, the profit = 37%

Thus, Sale Price (SP)

= Cost Price (CP) + 37% of Cost Price (CP)

= 1760 + ³⁷/₁₀₀ × 1760

= 1760 + ^{37 × 1760}/₁₀₀

= 1760 + ⁶⁵¹²⁰/₁₀₀

= 1760 + 651.2 = 2411.2

Thus, Sale Price (SP) at a profit of 37% = $2411.2 Answer

Method (3) Unitary Method

Finding the Sale Price (SP) to earn a given profit when the Sale price (SP) at a loss is given

Given, the sale price (SP) = $1091.2

And, the loss = 38%

Then, the Sale Price (SP) to earn a profit of 37% = ?

Let, CP = 100

37% profit = 37% of CP

= 37% of 100 = 37

Thus, Sale Price to earn a profit of 37% = CP + 37

= 100 + 37 = 137

⇒ Sale Price to earn a profit of 37% = 137

38% loss = 38% of CP

= 38% of 100 = 38

Thus, Sale Price at a loss of 38% = CP – Loss

= 100 – 38 = 62

⇒ Sale Price at a loss of 38% = 62

∵ If the Sale Price is 62, then to earn a profit of 37% the Sale Price should be = 137

∴ If the Sale Price is 1, then to earn a profit of 37% the Sale Price should be

= ¹³⁷/₆₂

∴ If the Sale Price is 1091.2, then to earn a profit of 37% the Sale Price should be

= ¹³⁷/₆₂ × 1091.2

= ^{137 × 1091.2}/₆₂

= ^149494.4/₆₂ = 2411.2

Thus, Sale Price to get a profit of 37% = $2411.2 Answer

Method (4) Shortcut Method

Shortcut Method to find the Sale Price at a given profit when Sale Price at a loss is given

Given, the sale price (SP) = $1091.2

And, the loss = 38%

Then, the Sale Price (SP) to earn a profit of 37% = ?

Here, the Sale Price at a loss of 38 = $1091.2

This means 62% of the Cost Price (CP) = 1091.2

Therefore, 1% of the Cost Price (CP) = ^1091.2/₆₂

Therefore, 100% of the Cost Price (CP)

= ^1091.2/₆₂ × 100 = 1760

Thus, the Cost Price (CP) = $1760

Now, we need to find the Sale Price at a profit of 37%

Thus, Sale Price at a profit of 37%

= 137% of the Cost Price (CP)

= 137% of 1760

= ¹³⁷/₁₀₀ × 1760 = 2411.2

Thus, the Cost Price at a profit of 37% = $2411.2 Answer

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(3) Find the cost price, if a shopkeeper earns a profit of 240% by selling an article for $16014

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(7) If John buys 68 pencils for $1 and sells them at a rate of 67 per $1 then calculate the profit percent in this selling.

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