Question:
Find the cost price, if Mr. Jojo earns a profit of 355% by selling some articles for $31895.5
Correct Answer
7010
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) = $31895.5
And, the profit = 355%
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 + 355 × 31895.5
= 100 × 31895.5/455
= 3189550/455 = 7010
Thus, the Cost Price (CP) = $7010 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 = 355%
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
= 355% of m
= 355% × m
= 355/100 × m
⇒ Profit = 355 m/100
Calculation of Cost Price (CP)
The Sale Price (SP) = Cost Price (CP) + Profit
⇒ 31895.5 = m + 355 m/100
⇒ 31895.5 = 100 m + 355 m/100
⇒ 31895.5 = 455 m/100
After cross multiplication, we get
31895.5 × 100 = 455 m
⇒ 455 m = 31895.5 × 100
⇒ m = 31895.5 × 100/455
⇒ m = 3189550/455 = 7010
⇒ m = 7010
Thus, the Cost Price (CP) = $7010 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) = $31895.5
And, the profit = 355%
Then, the Cost Price (CP) = ?
Let Cost Price (CP) = 100
Thus profit = 355% of 100 = 355
Thus, Sale Price (SP) = Cost Price (CP) + Profit
⇒ Sale Price (SP) = 100 + 355
⇒ Sale Price (SP) = 455
∵ If the Sale Price (SP) is 455, then the Cost Price (CP) = 100
∴ If the Sale Price (SP) is 1, then the Cost Price (CP)
= 100/455
∴ If the Sale Price (SP) is 31895.5, then the Cost Price (CP)
= 100/455 × 31895.5
= 100 × 31895.5/455
= 3189550/455 = 7010
Thus, the Cost Price (CP) = $7010 Answer
Shortcut Method to find Cost Price (CP) when SP and profit percent are known
Given, the sale price (SP) = $31895.5
And, the profit = 355%
Then, the Cost Price (CP) = ?
SP = 455% of CP
⇒ SP = 455/100 × CP
⇒ 31895.5 = 455 CP/100
After cross multiplication
⇒ 31895.5 × 100 = 455 CP
⇒ 455 CP = 31895.5 × 100
⇒ CP = 31895.5 × 100/455
⇒ CP = 3189550/455 = 7010
⇒ CP = $7010 Answer
Similar Questions
(1) What is the cost price, if Mrs. Jill earns a profit of 200% by selling some items for $11730?
(2) Mr. John earns a profit of 190% by selling a old car for $10759. For how much had he purchased that house?
(3) If a vendor purchased 73 coins for $1 and sells 72 coins for $1 then, find profit in percent.
(4) William loses 75% by selling an article for $902.50. For how much should he sell it to get a profit of 74%?
(5) A trader loses 55% by selling an article for $1174.50. For how much should he sell it to get a profit of 54%?
(6) John sold rice at $7.20 per kg. If he purchased 120 kg of rice for $960, then calculate the loss and loss percent in this sale.
(7) How much percent will John get if he buys 39 articles for $1 and sells at a rate of 38 articles per $1?
(8) A peddler buys 11 oranges for $1 and sells 10 oranges for $1 then, find his profit percent.
(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) Find the cost price if Mr. Rocky earns a profit of 105% by selling an article for $4120.50