Question:
John purchased a bike for $500 and he sold it at a gain of 12%. Find the sale price of the bike.
Correct Answer
Sale Price = $560
Solution And Explanation
Solution
Given, Cost Price = $500
Profit % = 12%
Therefore, Sale Price = ?
Calculation of Sale Price after calculation of profitCalculation of profit when cost price and profit% are given
Profit = Cost Price × Profit%
= $500 × 12%
= 500 × 12/100
= 500 5 12/100
= 5 × 12 = $60
Thus, profit = $60
Calculation of Sale Price when profit and Cost Price are known
Sale Price = Cost Price + Profit
= $500 + $60 = $560
Thus, Sale Price of bike = $560 Answer
Shortcut Trick to calculate Sale Price when cost price and profit percent are known
Here, Cost Price = $500
And profit = 12%
Therefore, Sale Price = Cost Price + (Profit% of Cost Price)
= 500 + (12% of 500)
= 500 + 12/100 × 500 5
= 500 + 12 × 5
= 500 + 60 = 560
Thus, Sale Price = $560 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 + 12/100 × 500
= 112/100 × 500 5
= 112 × 5 = 560
Therefore, Sale Price = $560 Answer
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