Calculate Selling Price using Cost and Profit Percent

How to calculate selling price using cost and profit percent?

We know, selling price = cost price + profit

              selling price = cost price + profit%/100 × cost price

              selling price = 100 × cost price + profit% × cost price/100

              selling price = (100 + profit%)cost price/100; [Here, cost price and profit% are known.]

1. Ryan bought a book for $100 and sold it at a profit of 10%. Find the selling price of the book.

Solution:            

Given cost price of the book = $100                        

Profit% = 10%                                                   

We know, selling price = (100 + profit%)cost price/100                                                   

                                            = (100 + 10)100/100                            

                                            = (110)100/100     

                                            = 110 × 100/100                                 

                                            = $110      

Therefore, the selling price of the book is $110.                                

 

2. John bought a music system for $260. For how much should he sell the music system to gain 10%?

Solution:            

Given cost price of the music system = $260       

Gain% = 10%                                                     

We know, selling price = (100 + gain%)cost price/100                      

                              = (100 + 10)260/100

                              = (110)260/100                                     

                              = 110 × 260/100

                              = $286

Therefore, he should sell the music system for $286.


3. Robert bought a machine for $1200 and sold it at a profit of 15%. Find the selling price of the machine.

Solution:            

Given cost price of the machine = $1200                               

Profit% = 15%                                                   

We know, selling price = (100 + profit%)cost price/100

                              = (100 + 15)1200/100                         

                              = (115)1200/100   

                              = 115 × 1200/100                              

                              = $1380                    

Therefore, the selling price of the machine is $1380.       





7th Grade Math Problems

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