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) Find the cost price, if a trader gets a loss of 61% by selling 4 TV sets for $4683.90

(2) Bill sold his secondhand motorcycle for $512.50. In this sale, he got a profit of 25%. For how much amount had he purchased the motorcycle?

(3) Find the cost price of the plot, if a dealer earns a profit of 185% by selling the plot for $10288.5

(4) Find the cost price, if a dealer earns a profit of 245% by selling a plot for $16594.5

(5) A trader loses 53% by selling an article for $1179.70. For how much should he sell it to get a profit of 52%?

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

(7) A shopkeeper loses 31% by selling an article for $972.90. For how much should he sell it to get a profit of 30%?

(8) Find the cost price, if a dealer earns a profit of 250% by selling a plot for $17185

(9) What will be the cost price if Peter eans a profit of 15% by selling a scooty for $241.5?

(10) How much Mr. Gates had to pay to purchase his motorbike? If he gets a profit of 70% after selling it for $2227.


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