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 + \(\frac{Profit Percentage}{100}\) × Cost Price

              Selling Price = \(\frac{100 × Cost Price + Profit Percentage × Cost Price}{100}\)

              Selling Price = Cost Price [\(\frac{100 + Profit Percentage}{100}\)]; [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 = Cost Price [\(\frac{100 + Profit Percentage}{100}\)]

                                 = 100 (\(\frac{100 + 10}{100}\))         

                                 = 100 (\(\frac{110}{100}\))    

                                 = \(\frac{100 × 110}{100}\) 

                                 = $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 = Cost Price [\(\frac{100 + Gain Percentage}{100}\)]

                              = 260 (\(\frac{100 + 10}{100}\))

                              = 260 (\(\frac{110}{100}\))

                              = \(\frac{260 × 110}{100}\)

                              = $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 = Cost Price [\(\frac{100 + Profit Percentage}{100}\)]

                                = 1200 (\(\frac{100 + 15}{100}\))          

                                = 1200 (\(\frac{115}{100}\))     

                                = \(\frac{1200 × 115}{100}\)

                                = $1380                    

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

7th Grade Math Problems

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