Question:
Find the cost price, if a broker earns a profit of 370% by selling an old house for $34357
Correct Answer
7310
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) = $34357
And, the profit = 370%
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 + 370 × 34357
= 100 × 34357/470
= 3435700/470 = 7310
Thus, the Cost Price (CP) = $7310 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 = 370%
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
= 370% of m
= 370% × m
= 370/100 × m
⇒ Profit = 370 m/100
Calculation of Cost Price (CP)
The Sale Price (SP) = Cost Price (CP) + Profit
⇒ 34357 = m + 370 m/100
⇒ 34357 = 100 m + 370 m/100
⇒ 34357 = 470 m/100
After cross multiplication, we get
34357 × 100 = 470 m
⇒ 470 m = 34357 × 100
⇒ m = 34357 × 100/470
⇒ m = 3435700/470 = 7310
⇒ m = 7310
Thus, the Cost Price (CP) = $7310 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) = $34357
And, the profit = 370%
Then, the Cost Price (CP) = ?
Let Cost Price (CP) = 100
Thus profit = 370% of 100 = 370
Thus, Sale Price (SP) = Cost Price (CP) + Profit
⇒ Sale Price (SP) = 100 + 370
⇒ Sale Price (SP) = 470
∵ If the Sale Price (SP) is 470, then the Cost Price (CP) = 100
∴ If the Sale Price (SP) is 1, then the Cost Price (CP)
= 100/470
∴ If the Sale Price (SP) is 34357, then the Cost Price (CP)
= 100/470 × 34357
= 100 × 34357/470
= 3435700/470 = 7310
Thus, the Cost Price (CP) = $7310 Answer
Shortcut Method to find Cost Price (CP) when SP and profit percent are known
Given, the sale price (SP) = $34357
And, the profit = 370%
Then, the Cost Price (CP) = ?
SP = 470% of CP
⇒ SP = 470/100 × CP
⇒ 34357 = 470 CP/100
After cross multiplication
⇒ 34357 × 100 = 470 CP
⇒ 470 CP = 34357 × 100
⇒ CP = 34357 × 100/470
⇒ CP = 3435700/470 = 7310
⇒ CP = $7310 Answer
Similar Questions
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(2) A shopkeeper earns 130% after selling some old bikes for $5773. What was his cost price?
(3) If a shopkeeper loses 38% by selling some articles for $1091.20 then, he should sell them to get a profit of 37% for how much?
(4) If after selling 5 bags of rice for $1297.20 a shopkeeper gets a loss of 8% then what was the cost price of the rice?
(5) Mr. Steven loses 94% by selling an article for $273.60. For how much should he sell it to get a profit of 93%?
(6) Find the cost price, if a trader gets a loss of 54% by selling 100 bags of mobile covers for $4880.60
(7) Calculate the earnings percentage if a hawker buys 58 articles for $1 and sells 57 articles for $1.
(8) What will be the profit percentage if a hawker buys 64 articles for $1 and sells 63 articles for $1?
(9) If a broker loses 39% by selling some of his stocks for $1104.10 then he should sell them for how much to get a profit of 38%?
(10) Find the profit percent if a vendor buys 9 articles for $1 and sells 8 articles for $1.