How to calculate cost price using sell price and profit percent?
We know that cost price = selling price  profit
cost price = selling price  profit% × cost price/100
cost price + profit% × cost price/100 = selling price
cost price(1  profit%)/100 = selling price
cost price(100 + profit%)/100 = selling price
Also, cost price = selling price × 100/100 + profit% (on cross multiplication);
Here, selling price and loss% is known.
Solved examples will help us to find cost price when the selling price and profit% are known:
1. A bag was sold for $324 thereby gaining 8%. Find the cost price of the bag.
Solution:
Given selling price = $324
Gain% = 8%
We know, cost price = selling price × 100/100 + gain%
Therefore, cost price = 324 × 100/100 + 8
= 324 × 100/108
= 12 × 25
= $300
Therefore, the cost price of the bag is $300.
2. A book was sold for $575 thereby gaining 15%. Find the cost price of the book.
Solution:
Given selling price = $575
Gain% = 15%
We know, cost price = selling price × 100/100 + gain%
Therefore, cost price = 575 × 100/100 + 15
= 575 × 100/115
= 57500/115
= $500
Therefore, the cost price of the book is $500.
7th Grade Math Problems
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