Question:
Find the cost price, if a broker earns a profit of 385% by selling an article for $36908.5
Correct Answer
7610
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) = $36908.5
And, the profit = 385%
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 + 385 × 36908.5
= 100 × 36908.5/485
= 3690850/485 = 7610
Thus, the Cost Price (CP) = $7610 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 = 385%
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
= 385% of m
= 385% × m
= 385/100 × m
⇒ Profit = 385 m/100
Calculation of Cost Price (CP)
The Sale Price (SP) = Cost Price (CP) + Profit
⇒ 36908.5 = m + 385 m/100
⇒ 36908.5 = 100 m + 385 m/100
⇒ 36908.5 = 485 m/100
After cross multiplication, we get
36908.5 × 100 = 485 m
⇒ 485 m = 36908.5 × 100
⇒ m = 36908.5 × 100/485
⇒ m = 3690850/485 = 7610
⇒ m = 7610
Thus, the Cost Price (CP) = $7610 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) = $36908.5
And, the profit = 385%
Then, the Cost Price (CP) = ?
Let Cost Price (CP) = 100
Thus profit = 385% of 100 = 385
Thus, Sale Price (SP) = Cost Price (CP) + Profit
⇒ Sale Price (SP) = 100 + 385
⇒ Sale Price (SP) = 485
∵ If the Sale Price (SP) is 485, then the Cost Price (CP) = 100
∴ If the Sale Price (SP) is 1, then the Cost Price (CP)
= 100/485
∴ If the Sale Price (SP) is 36908.5, then the Cost Price (CP)
= 100/485 × 36908.5
= 100 × 36908.5/485
= 3690850/485 = 7610
Thus, the Cost Price (CP) = $7610 Answer
Shortcut Method to find Cost Price (CP) when SP and profit percent are known
Given, the sale price (SP) = $36908.5
And, the profit = 385%
Then, the Cost Price (CP) = ?
SP = 485% of CP
⇒ SP = 485/100 × CP
⇒ 36908.5 = 485 CP/100
After cross multiplication
⇒ 36908.5 × 100 = 485 CP
⇒ 485 CP = 36908.5 × 100
⇒ CP = 36908.5 × 100/485
⇒ CP = 3690850/485 = 7610
⇒ CP = $7610 Answer
Similar Questions
(1) After selling some items for $6884.50 Mr. Bob earns 145%. Find the cost price of those items.
(2) Find the cost price, if a trader gets a loss of 51% by selling 200 bags of rice for $4904.90
(3) Mr. Oliver loses 82% by selling an article for $712.80. For how much should he sell it to get a profit of 81%?
(4) Jojo loses 36% by selling an article for $1062.40. For how much should he sell it to get a profit of 35%?
(5) A vendor buys 33 articles for $1 and sells 32 articles for $1. How much percent will he earn in this?
(6) If a trader earns a profit of 10% by selling rice for $121 per kg, then find the cost price of the rice
(7) After selling an article for $1565.5 the shopkeeper earns a profit of 55%. For how much had he purchase that article?
(8) If Mrs. Julie earned a profit of 335% by selling her car for $28753.50 then, what was the cost price of the car?
(9) Mr. John buys 28 articles for $1 and sells 27 articles for $1 then, find his profit percent.
(10) A hawker buys 19 articles for $1 and sold then at the rate of 18 articles per $1. What was this profit percent?