Question:
How much Mr. Gates had to pay to purchase his motorbike? If he gets a profit of 70% after selling it for $2227.
Correct Answer
1310
Solution And 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) = $2227
And, the profit = 70%
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 + 70 × 2227
= 100 × 2227/170
= 222700/170 = 1310
Thus, the Cost Price (CP) = $1310 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 = 70%
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
= 70% of m
= 70% × m
= 70/100 × m
⇒ Profit = 70 m/100
Calculation of Cost Price (CP)
The Sale Price (SP) = Cost Price (CP) + Profit
⇒ 2227 = m + 70 m/100
⇒ 2227 = 100 m + 70 m/100
⇒ 2227 = 170 m/100
After cross multiplication, we get
2227 × 100 = 170 m
⇒ 170 m = 2227 × 100
⇒ m = 2227 × 100/170
⇒ m = 222700/170 = 1310
⇒ m = 1310
Thus, the Cost Price (CP) = $1310 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) = $2227
And, the profit = 70%
Then, the Cost Price (CP) = ?
Let Cost Price (CP) = 100
Thus profit = 70% of 100 = 70
Thus, Sale Price (SP) = Cost Price (CP) + Profit
⇒ Sale Price (SP) = 100 + 70
⇒ Sale Price (SP) = 170
∵ If the Sale Price (SP) is 170, then the Cost Price (CP) = 100
∴ If the Sale Price (SP) is 1, then the Cost Price (CP)
= 100/170
∴ If the Sale Price (SP) is 2227, then the Cost Price (CP)
= 100/170 × 2227
= 100 × 2227/170
= 222700/170 = 1310
Thus, the Cost Price (CP) = $1310 Answer
Shortcut Method to find Cost Price (CP) when SP and profit percent are known
Given, the sale price (SP) = $2227
And, the profit = 70%
Then, the Cost Price (CP) = ?
SP = 170% of CP
⇒ SP = 170/100 × CP
⇒ 2227 = 170 CP/100
After cross multiplication
⇒ 2227 × 100 = 170 CP
⇒ 170 CP = 2227 × 100
⇒ CP = 2227 × 100/170
⇒ CP = 222700/170 = 1310
⇒ CP = $1310 Answer
Similar Questions
(1) John loses 64% by selling an article for $1101.60. For how much should he sell it to get a profit of 63%?
(2) Mr. Oliver loses 34% by selling an article for $1029.60. For how much should he sell it to get a profit of 33%?
(3) If a shopkeeper gets a loss of 53% by selling 200 kg of rice for $4892.70 then find the cost price of rice.
(4) A shopkeeper earns 130% after selling some old bikes for $5773. What was his cost price?
(5) Find the cost price, if Mr. Oliver earns a profit of 150% by selling an article for $7275.00
(6) If a vendor buys 14 chocolates for $1 and sells 13 chocolates for $1 then, what is his profit percent?
(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.
(8) Find the cost price, if a house broker earns a profit of 365% by selling a plot for $33526.5
(9) For how much had Mr. Robert purchased his motorcycle if he earns a profit of 60% by selling it for $1776?
(10) Mollie purchased 150 kg of wheat at $1350. Due to some unavoidable circumstances, he had to sell the wheat at $7.20 per kg. Calculate his total loss and loss percent in this sale.