Profit And Loss
MCQs Math


Question:     Find the cost price, if a dealer earns a profit of 250% by selling a plot for $17185


Correct Answer  4910

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) = $17185

And, the profit = 250%

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 + 250 × 17185

= 100 × 17185/350

= 1718500/350 = 4910

Thus, the Cost Price (CP) = $4910 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 = 250%

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

= 250% of m

= 250% × m

= 250/100 × m

⇒ Profit = 250 m/100

Calculation of Cost Price (CP)

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

⇒ 17185 = m + 250 m/100

⇒ 17185 = 100 m + 250 m/100

⇒ 17185 = 350 m/100

After cross multiplication, we get

17185 × 100 = 350 m

⇒ 350 m = 17185 × 100

⇒ m = 17185 × 100/350

⇒ m = 1718500/350 = 4910

⇒ m = 4910

Thus, the Cost Price (CP) = $4910 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) = $17185

And, the profit = 250%

Then, the Cost Price (CP) = ?

Let Cost Price (CP) = 100

Thus profit = 250% of 100 = 250

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

⇒ Sale Price (SP) = 100 + 250

⇒ Sale Price (SP) = 350

∵ If the Sale Price (SP) is 350, then the Cost Price (CP) = 100

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

= 100/350

∴ If the Sale Price (SP) is 17185, then the Cost Price (CP)

= 100/350 × 17185

= 100 × 17185/350

= 1718500/350 = 4910

Thus, the Cost Price (CP) = $4910 Answer

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

Given, the sale price (SP) = $17185

And, the profit = 250%

Then, the Cost Price (CP) = ?

SP = 350% of CP

⇒ SP = 350/100 × CP

⇒ 17185 = 350 CP/100

After cross multiplication

⇒ 17185 × 100 = 350 CP

⇒ 350 CP = 17185 × 100

⇒ CP = 17185 × 100/350

⇒ CP = 1718500/350 = 4910

⇒ CP = $4910 Answer


Similar Questions

(1) William loses 33% by selling an article for $1011.70. For how much should he sell it to get a profit of 32%?

(2) A dealer loses 60% by selling an article for $1144.00. For how much should he sell it to get a profit of 59%?

(3) A seller gets a profit of 7% by selling a TV set for $4280. If he would have sold it for $4200, then find his profit percent.

(4) Bill sold a bicycle for $840. If he purchased it at $600, then calculate his profit and profit percent in this sale.

(5) Mr. Henry loses 26% by selling an article for $858.4. For how much should he sell it to get a profit of 25%?

(6) What is the cost price; if a trader earns a profit of 295% by selling some articles for $22949.50?

(7) How much percent will Peter earn if he buys 37 articles for $1 and sells 36 articles for $1?

(8) The cost price of an article is $15 and the sale price is $20, then find the profit and profit percent.

(9) A shopkeeper loses 40% by selling an article for $1116.00. For how much should he sell it to get a profit of 39%?

(10) Mr. Oliver loses 81% by selling an article for $742.90. For how much should he sell it to get a profit of 80%?


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