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 And Explanation
Solution
Given, Cost Price = $200
Profit % = 15%
Therefore, Sale Price = ?
Calculation of Sale Price after calculation of profitCalculation 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
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