Question:
A dealer gets a loss of 7% by selling an article for $195.30 then, for how much should he sell it to get a profit of 6%?
Correct Answer
222.6
Solution And Explanation
Strategy to solve the question
Step (1) Calculate the cost price at given loss percent and the sale price.
Step (2) After gettting the cost price find the sale price at given profit percent.
Solution
Method (1) Formula Method
Finding the Sale Price to earn a profit using formula when the Sale Price at a loss is given
Given, the sale price (SP) = $195.3
And, the loss = 7%
Then, the Sale Price (SP) to earn a profit of 6% = ?
Formula to find the cost price when the sale price and loss percent are known
Cost Price (CP) = 100/100 – gain% × SP
Thus, the Cost Price (CP)
= 100/100 – 7 × 195.3
= 100/93 × 195.3
= 100 × 195.3/93
= 19530/93 = 210
Thus, the Cost Price (CP) = $210
Finding the Sale Price using the formula when the cost price and Profit percent are known
Here now, CP = $210
And, profit = 6%
Thus Sale Price (SP) = ?
Formula to find the Sale Price (SP) when the cost price (CP) and profit percent are known
Sale Price (SP) = 100 + gain%/100 × Cost Price (CP)
Thus, the Sale Price (SP)
= 100 + 6/100 × 210
= 106/100 × 210
= 106 × 210/100
= 22260/100 = 222.6
Thus, Sale Price (SP) at a profit of 6% = $222.6 Answer
Method (2) Algebraic Method
Finding the Sale Price (SP) to earn the given profit using the Algebraic Method when the Sale Pric (SP) at a loss percent is given
Given, the sale price (SP) = $195.3
And, the loss = 7%
Then, the Sale Price (SP) to earn a profit of 6% = ?
Let the Cost Price (CP) = m
Here given loss = 7%
Calculation of loss
loss is calculated on cost price (CP)
Formula to find the loss = loss% of CP
Thus, loss on the cost price of m
= 7% of m
= 7% × m
= 7/100 × m
⇒ loss = 7 m/100
Calculation of Cost Price (CP)
The Sale Price (SP) = Cost Price (CP) – loss
⇒ 195.3 = m – 7 m/100
⇒ 195.3 = 100 m – 7 m/100
⇒ 195.3 = 93 m/100
After cross multiplication, we get
195.3 × 100 = 93 m
⇒ 93 m = 195.3 × 100
⇒ m = 195.3 × 100/93
⇒ m = 19530/93 = 210
⇒ m = 210
Thus, the Cost Price (CP) = $210
Finding the Sale Price (SP) when the Cost Price (CP) and profit percent are known
Now, here, Cost Price = 210
And, the profit = 6%
Thus, Sale Price (SP)
= Cost Price (CP) + 6% of Cost Price (CP)
= 210 + 6/100 × 210
= 210 + 6 × 210/100
= 210 + 1260/100
= 210 + 12.6 = 222.6
Thus, Sale Price (SP) at a profit of 6% = $222.6 Answer
Method (3) Unitary Method
Finding the Sale Price (SP) to earn a given profit when the Sale price (SP) at a loss is given
Given, the sale price (SP) = $195.3
And, the loss = 7%
Then, the Sale Price (SP) to earn a profit of 6% = ?
Let, CP = 100
6% profit = 6% of CP
= 6% of 100 = 6
Thus, Sale Price to earn a profit of 6% = CP + 6
= 100 + 6 = 106
⇒ Sale Price to earn a profit of 6% = 106
7% loss = 7% of CP
= 7% of 100 = 7
Thus, Sale Price at a loss of 7% = CP – Loss
= 100 – 7 = 93
⇒ Sale Price at a loss of 7% = 93
∵ If the Sale Price is 93, then to earn a profit of 6% the Sale Price should be = 106
∴ If the Sale Price is 1, then to earn a profit of 6% the Sale Price should be
= 106/93
∴ If the Sale Price is 195.3, then to earn a profit of 6% the Sale Price should be
= 106/93 × 195.3
= 106 × 195.3/93
= 20701.8/93 = 222.6
Thus, Sale Price to get a profit of 6% = $222.6 Answer
Method (4) Shortcut Method
Shortcut Method to find the Sale Price at a given profit when Sale Price at a loss is given
Given, the sale price (SP) = $195.3
And, the loss = 7%
Then, the Sale Price (SP) to earn a profit of 6% = ?
Here, the Sale Price at a loss of 7 = $195.3
This means 93% of the Cost Price (CP) = 195.3
Therefore, 1% of the Cost Price (CP) = 195.3/93
Therefore, 100% of the Cost Price (CP)
= 195.3/93 × 100 = 210
Thus, the Cost Price (CP) = $210
Now, we need to find the Sale Price at a profit of 6%
Thus, Sale Price at a profit of 6%
= 106% of the Cost Price (CP)
= 106% of 210
= 106/100 × 210 = 222.6
Thus, the Cost Price at a profit of 6% = $222.6 Answer
Similar Questions
(1) Find the cost price, if Mr. Jojo earns a profit of 355% by selling some articles for $31895.5
(2) On a closing day, a shopkeeper earns a profit of 65%. If gets $1996.5 in total, then what was his cost price?
(3) Find the cost price, if a house broker earns a profit of 365% by selling a plot for $33526.5
(4) How much percent will a hawker earn, if he buys 34 articles for $1 and sells 33 articles for $1?
(5) Find the profit percent if Mrs. Julie buys 29 bananas for $1 and sells 28 bananas for $1.
(6) If a seller bought 24 apples per $1 and sold them at a rate of 23 apples per $1, then what would his profit percent be?
(7) Find the cost price, if a dealer gets a loss of 32% by selling 500 books for $4222.80.
(8) Find the cost price, if a trader gets a loss of 37% by selling 500 packets of fruits for $4542.30
(9) A trader gets a loss of 52% by selling 500 bags of rice for $4900.80. Find the cost price of rice.
(10) A street seller buys 8 articles for $1 and sells 7 articles for $1. Find the profit percent in this sale.