Question:
Find the cost price, if a shopkeeper earns a profit of 240% by selling an article for $16014
Correct Answer
4710
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) = $16014
And, the profit = 240%
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 + 240 × 16014
= 100 × 16014/340
= 1601400/340 = 4710
Thus, the Cost Price (CP) = $4710 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 = 240%
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
= 240% of m
= 240% × m
= 240/100 × m
⇒ Profit = 240 m/100
Calculation of Cost Price (CP)
The Sale Price (SP) = Cost Price (CP) + Profit
⇒ 16014 = m + 240 m/100
⇒ 16014 = 100 m + 240 m/100
⇒ 16014 = 340 m/100
After cross multiplication, we get
16014 × 100 = 340 m
⇒ 340 m = 16014 × 100
⇒ m = 16014 × 100/340
⇒ m = 1601400/340 = 4710
⇒ m = 4710
Thus, the Cost Price (CP) = $4710 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) = $16014
And, the profit = 240%
Then, the Cost Price (CP) = ?
Let Cost Price (CP) = 100
Thus profit = 240% of 100 = 240
Thus, Sale Price (SP) = Cost Price (CP) + Profit
⇒ Sale Price (SP) = 100 + 240
⇒ Sale Price (SP) = 340
∵ If the Sale Price (SP) is 340, then the Cost Price (CP) = 100
∴ If the Sale Price (SP) is 1, then the Cost Price (CP)
= 100/340
∴ If the Sale Price (SP) is 16014, then the Cost Price (CP)
= 100/340 × 16014
= 100 × 16014/340
= 1601400/340 = 4710
Thus, the Cost Price (CP) = $4710 Answer
Shortcut Method to find Cost Price (CP) when SP and profit percent are known
Given, the sale price (SP) = $16014
And, the profit = 240%
Then, the Cost Price (CP) = ?
SP = 340% of CP
⇒ SP = 340/100 × CP
⇒ 16014 = 340 CP/100
After cross multiplication
⇒ 16014 × 100 = 340 CP
⇒ 340 CP = 16014 × 100
⇒ CP = 16014 × 100/340
⇒ CP = 1601400/340 = 4710
⇒ CP = $4710 Answer
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(3) Mr. James loses 24% after selling an article for $805.60. For how much should he sell it to get a profit of 23%?
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