Profit And Loss
MCQs Math


Question:     A trader earns a profit of 170% by selling an article for $8937. Find the cost price.


Correct Answer  3310

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) = $8937

And, the profit = 170%

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 + 170 × 8937

= 100 × 8937/270

= 893700/270 = 3310

Thus, the Cost Price (CP) = $3310 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 = 170%

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

= 170% of m

= 170% × m

= 170/100 × m

⇒ Profit = 170 m/100

Calculation of Cost Price (CP)

The Sale Price (SP) = Cost Price (CP) + Profit

⇒ 8937 = m + 170 m/100

⇒ 8937 = 100 m + 170 m/100

⇒ 8937 = 270 m/100

After cross multiplication, we get

8937 × 100 = 270 m

⇒ 270 m = 8937 × 100

⇒ m = 8937 × 100/270

⇒ m = 893700/270 = 3310

⇒ m = 3310

Thus, the Cost Price (CP) = $3310 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) = $8937

And, the profit = 170%

Then, the Cost Price (CP) = ?

Let Cost Price (CP) = 100

Thus profit = 170% of 100 = 170

Thus, Sale Price (SP) = Cost Price (CP) + Profit

⇒ Sale Price (SP) = 100 + 170

⇒ Sale Price (SP) = 270

∵ If the Sale Price (SP) is 270, then the Cost Price (CP) = 100

∴ If the Sale Price (SP) is 1, then the Cost Price (CP)

= 100/270

∴ If the Sale Price (SP) is 8937, then the Cost Price (CP)

= 100/270 × 8937

= 100 × 8937/270

= 893700/270 = 3310

Thus, the Cost Price (CP) = $3310 Answer

Shortcut Method to find Cost Price (CP) when SP and profit percent are known

Given, the sale price (SP) = $8937

And, the profit = 170%

Then, the Cost Price (CP) = ?

SP = 270% of CP

⇒ SP = 270/100 × CP

⇒ 8937 = 270 CP/100

After cross multiplication

⇒ 8937 × 100 = 270 CP

⇒ 270 CP = 8937 × 100

⇒ CP = 8937 × 100/270

⇒ CP = 893700/270 = 3310

⇒ CP = $3310 Answer


Similar Questions

(1) William loses 70% by selling an article for $1008.00 For how much should he sell it to get a profit of 69%?

(2) If a vendor gets a loss of 21% by selling some apples for $3167.90 then what was the cost price of those apples?

(3) Potter loses 91% by selling an article for $396.90. For how much should he sell it to get a profit of 90%?

(4) A trader earns a profit of 95% by selling an article for $3529.50. What was his cost price?

(5) A car dealer earns 135% by selling an old antique car for $6133.50. For how much had he purchased that car?

(6) To get a profit of 15% Mr. John should sell his old bicycle for how much, if he loses 16% by selling it for $554.40?

(7) If a book seller gets a loss of 33% by selling 300 books for $4294.70 then find the cost price of the books.

(8) Mr. Bobby earns a profit of 120% by selling a TV set for $5082. What was the cost price of the TV set?

(9) For how much should he sell it to get a profit of 16%, if Mr. Bond loses 17% by selling a bicycle for $589.30?

(10) John gets a 20% profit after selling his laptop for $372. What was the cost price of the laptop?


NCERT Solution and CBSE Notes for class twelve, eleventh, tenth, ninth, seventh, sixth, fifth, fourth and General Math for competitive Exams. ©