Question:
William loses 71% by selling an article for $988.90. For how much should he sell it to get a profit of 70%?
Correct Answer
5797
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) = $988.9
And, the loss = 71%
Then, the Sale Price (SP) to earn a profit of 70% = ?
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 – 71 × 988.9
= 100/29 × 988.9
= 100 × 988.9/29
= 98890/29 = 3410
Thus, the Cost Price (CP) = $3410
Finding the Sale Price using the formula when the cost price and Profit percent are known
Here now, CP = $3410
And, profit = 70%
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 + 70/100 × 3410
= 170/100 × 3410
= 170 × 3410/100
= 579700/100 = 5797
Thus, Sale Price (SP) at a profit of 70% = $5797 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) = $988.9
And, the loss = 71%
Then, the Sale Price (SP) to earn a profit of 70% = ?
Let the Cost Price (CP) = m
Here given loss = 71%
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
= 71% of m
= 71% × m
= 71/100 × m
⇒ loss = 71 m/100
Calculation of Cost Price (CP)
The Sale Price (SP) = Cost Price (CP) – loss
⇒ 988.9 = m – 71 m/100
⇒ 988.9 = 100 m – 71 m/100
⇒ 988.9 = 29 m/100
After cross multiplication, we get
988.9 × 100 = 29 m
⇒ 29 m = 988.9 × 100
⇒ m = 988.9 × 100/29
⇒ m = 98890/29 = 3410
⇒ m = 3410
Thus, the Cost Price (CP) = $3410
Finding the Sale Price (SP) when the Cost Price (CP) and profit percent are known
Now, here, Cost Price = 3410
And, the profit = 70%
Thus, Sale Price (SP)
= Cost Price (CP) + 70% of Cost Price (CP)
= 3410 + 70/100 × 3410
= 3410 + 70 × 3410/100
= 3410 + 238700/100
= 3410 + 2387 = 5797
Thus, Sale Price (SP) at a profit of 70% = $5797 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) = $988.9
And, the loss = 71%
Then, the Sale Price (SP) to earn a profit of 70% = ?
Let, CP = 100
70% profit = 70% of CP
= 70% of 100 = 70
Thus, Sale Price to earn a profit of 70% = CP + 70
= 100 + 70 = 170
⇒ Sale Price to earn a profit of 70% = 170
71% loss = 71% of CP
= 71% of 100 = 71
Thus, Sale Price at a loss of 71% = CP – Loss
= 100 – 71 = 29
⇒ Sale Price at a loss of 71% = 29
∵ If the Sale Price is 29, then to earn a profit of 70% the Sale Price should be = 170
∴ If the Sale Price is 1, then to earn a profit of 70% the Sale Price should be
= 170/29
∴ If the Sale Price is 988.9, then to earn a profit of 70% the Sale Price should be
= 170/29 × 988.9
= 170 × 988.9/29
= 168113/29 = 5797
Thus, Sale Price to get a profit of 70% = $5797 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) = $988.9
And, the loss = 71%
Then, the Sale Price (SP) to earn a profit of 70% = ?
Here, the Sale Price at a loss of 71 = $988.9
This means 29% of the Cost Price (CP) = 988.9
Therefore, 1% of the Cost Price (CP) = 988.9/29
Therefore, 100% of the Cost Price (CP)
= 988.9/29 × 100 = 3410
Thus, the Cost Price (CP) = $3410
Now, we need to find the Sale Price at a profit of 70%
Thus, Sale Price at a profit of 70%
= 170% of the Cost Price (CP)
= 170% of 3410
= 170/100 × 3410 = 5797
Thus, the Cost Price at a profit of 70% = $5797 Answer
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