Question:
Find the cost price, if a trader gets a loss of 51% by selling 200 bags of rice for $4904.90
Correct Answer
$10010
Solution And 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) = $4904.9
And, the loss = 51%
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 – 51 × 4904.9
= 100/49 × 4904.9
= 490490/49 = 10010
Thus, the Cost Price (CP) = $10010 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 = 51%
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
= 51% of m
= 51% × m
= 51/100 × m
⇒ loss = 51 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
⇒ 4904.9 = m – 51 m/100
⇒ 4904.9 = 100 m – 51 m/100
⇒ 4904.9 = 49 m/100
After cross multiplication, we get
4904.9 × 100 = 49 m
⇒ 49 m = 4904.9 × 100
⇒ m = 4904.9 × 100/49
⇒ m = 4904.9 × 100/49
⇒ m = 490490/49 = 10010
Thus, the Cost Price (CP) = $10010 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) = $4904.9
And, the loss = 51%
Then, the Cost Price (CP) = ?
Let Cost Price (CP) = 100
Thus loss = 51% of 100 = 51
Thus, Sale Price (SP) = Cost Price (CP) – loss
⇒ Sale Price (SP) = 100 – 51
⇒ Sale Price (SP) = 49
∵ If the Sale Price (SP) is 49, then the Cost Price (CP) = 100
∴ If the Sale Price (SP) is 1, then the Cost Price (CP)
= 100/49
∴ If the Sale Price (SP) is 4904.9, then the Cost Price (CP)
= 100/49 × 4904.9
= 100 × 4904.9/49 = 10010
Thus, the Cost Price (CP) = $10010 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) = $4904.9
And, the loss = 51%
Then, the Cost Price (CP) = ?
SP = 49% of CP
⇒ SP = 49% of CP
⇒ 4904.9 = 49/100 × CP
⇒ 4904.9 = 49 CP/100
After cross multiplication
⇒ 4904.9 × 100 = 49 CP
⇒ 49 CP = 4904.9 × 100
⇒ CP = 4904.9 × 100/49
⇒ CP = 490490/49 = 10010
⇒ CP = $10010 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 = 51%
And the Sale Price = $4904.9
This means 100 – loss% of the Cost Price = Sale Price
⇒ 100 – 51% of the Cost Price = $4904.9
⇒ 49% of the Cost Price = 4904.9
Therefore, 1% of the Cost Price = 4904.9/49
Thus, 100% the Cost Price = 4904.9/49 × 100
= 490490/49 = 10010
Thus the Cost Price (CP) = $10010 Answer
Similar Questions
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(2) What will be the profit percentage if a hawker buys 64 articles for $1 and sells 63 articles for $1?
(3) Mr. Bobby earns a profit of 120% by selling a TV set for $5082. What was the cost price of the TV set?
(4) A dealer loses 23% by selling an article for $777.7. For how much should he sell it to get a profit of 22%?
(5) If after selling 5 bags of rice for $1297.20 a shopkeeper gets a loss of 8% then what was the cost price of the rice?
(6) Find the cost price, if Mrs. Julie earns a profit of 360% by selling some articles for $32706
(7) Mr. Jack buys 13 articles for $1 and sells 12 articles for $1. Find his profit percent.
(8) The cost price of an article is $12, and the sale price is $15. Find the profit and profit percent.
(9) Mr. Bose loses 98% by selling an article for $95.20. For how much should he sell it to get a profit of 97%?
(10) Mr. Robert sold his motorcycle for $1629 and got a loss of 10%. What was his cost price?