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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