Profit And Loss
MCQs Math


Question:     What is the cost price, if Mrs. Jill earns a profit of 200% by selling some items for $11730?


Correct Answer  3910

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) = $11730

And, the profit = 200%

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 + 200 × 11730

= 100 × 11730/300

= 1173000/300 = 3910

Thus, the Cost Price (CP) = $3910 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 = 200%

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

= 200% of m

= 200% × m

= 200/100 × m

⇒ Profit = 200 m/100

Calculation of Cost Price (CP)

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

⇒ 11730 = m + 200 m/100

⇒ 11730 = 100 m + 200 m/100

⇒ 11730 = 300 m/100

After cross multiplication, we get

11730 × 100 = 300 m

⇒ 300 m = 11730 × 100

⇒ m = 11730 × 100/300

⇒ m = 1173000/300 = 3910

⇒ m = 3910

Thus, the Cost Price (CP) = $3910 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) = $11730

And, the profit = 200%

Then, the Cost Price (CP) = ?

Let Cost Price (CP) = 100

Thus profit = 200% of 100 = 200

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

⇒ Sale Price (SP) = 100 + 200

⇒ Sale Price (SP) = 300

∵ If the Sale Price (SP) is 300, then the Cost Price (CP) = 100

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

= 100/300

∴ If the Sale Price (SP) is 11730, then the Cost Price (CP)

= 100/300 × 11730

= 100 × 11730/300

= 1173000/300 = 3910

Thus, the Cost Price (CP) = $3910 Answer

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

Given, the sale price (SP) = $11730

And, the profit = 200%

Then, the Cost Price (CP) = ?

SP = 300% of CP

⇒ SP = 300/100 × CP

⇒ 11730 = 300 CP/100

After cross multiplication

⇒ 11730 × 100 = 300 CP

⇒ 300 CP = 11730 × 100

⇒ CP = 11730 × 100/300

⇒ CP = 1173000/300 = 3910

⇒ CP = $3910 Answer


Similar Questions

(1) John purchased a bicycle in an auction at $80 and sold it at $104. Calculate the profit and profit percent in this sale.

(2) If Mr. Peter buys 17 apples for $1 and sells 16 apples for $1 then, find the profit percent in this sale.

(3) Find the earnings percentage if a peddler buys 51 articles for $1 and sells 50 articles for $1.

(4) Find the cost price, if a trader earns a profit of 265% by selling an article for $19016.5

(5) Find the earnings percentage if a vendor buys 49 articles for $1 and sells 48 articles for $1.

(6) If a shopkeeper earns a profit of 5% by selling an article at $210, then find the cost price of that article.

(7) Find the cost price, if a trader gets a loss of 74% by selling 50 bags of rice for $3798.60

(8) if a vendor bought 74 nibs for $1 and sells them at a rate of 73 per $1 then calculate the profit in percent.

(9) A broker loses 41% by selling an article for $1126.90. For how much should he sell it to get a profit of 40%?

(10) Mr. James gets a profit of 180% by selling a plot for $9828. Find the cost price of that plot.


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