How to calculate cost price using sell price and loss percent?
We know that cost price = selling price + loss
cost price = selling price + loss% × cost price/100
cost price  loss% × cost price/100 = selling price
cost price(1  loss%)/100 = selling price
cost price(100  loss%)/100 = selling price
Also, cost price = selling price × 100/100  loss% (on cross multiplication);
Here, selling price and loss% is known.
Solved examples will help us to find cost price when the selling price and loss% are known:
1. By selling a bicycle for $135, a shopkeeper loses 10%. How much percent would he gain or lose by selling it for $165?
Solution:
Given selling price = $135
Loss % = 10%
We know, cost price = selling price × 100/100  loss%
= 135 × 100/100  10
= 135 × 100/90
= 13500/90
= 150
Therefore, cost price of the bicycle = $150
Now, if the selling price = $165, then gain = $165  $150 = $15
Therefore, gain% = gain/cost price × 100
= 15/150 × 100
= 1500/150
= 10%
Therefore, he would have gained 10%.
7th Grade Math Problems
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