If a boy sells a book for * 450, he makes a loss of 10%. To gain 10%, what should be the selling price?
(1)500
(2)600
(3)550
(4)525
Answers
Answer:
1 500
Step-by-step explanation:
Answer:
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Profit and Loss - Aptitude test, questions, shortcuts, solved example videos
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Profit and Loss
Important Terms:
Cost Price (C.P.): Price at which at an article is purchased.
Selling Price (S.P.): Price at which at an article is sold
Profit/Gain: The seller is said to be in profit, if selling price (S.P.) is greater than cost price (C.P.)
Loss: The seller is said to be in loss, if selling price (S.P.) is lesser than cost price (C.P.)
Important Formulae:
1) Loss% = Loss × 100
C.P.
2) Profit% = Profit × 100
C.P.
3) When shopkeeper earns profit,
Cost Price = 100 × S.P. - - - - - - (Given: Gain% and selling price of an article)
(100 + Gain%)
Selling Price = (100 + Gain%) × C.P. - - - - - - (Given: Gain% and cost price of an article)
100
4) When shopkeeper incurs loss,
Cost Price = 100 × S.P. - - - - - - (Given: Loss% and selling price of an article)
(100 - Loss%)
Selling Price = (100 - Loss%) × C.P. - - - - - - (Given: Loss% and cost price of an article)
100
Quick Tips and Tricks
1) Profit = (S.P.) > (C.P.)
2) Loss = (S.P.) < (C.P.)
3) If profit earned by selling an article is 25 %, then S.P. = 125% of C.P.
4) If an article is sold at a loss of 30 %, then S.P. = 70 % of C.P.
5) A shopkeeper sells two similar items A and B. If A is sold at a gain of x % and B is sold at a loss of x %, then shopkeeper always incurs a loss given by:
Loss% = Common loss and gain% 2 = x 2
10 10
6) A trader sells goods at cost price but uses a weight of x kg instead of y kg (false weights) and makes profit. This profit can be calculated using the formula shown below:
True weight – False weight = Error
Gain% = Error × 100 %
(True weight – Error)
7) If cost price of X articles is equal to selling price of Y articles, then profit can be calculated using the formula:
a) C.P. of X = S.P. of Y
b) Number of X articles > Number of Y articles
Profit% = No. of X articles – No. of Y articles × 100
No. of Y articles
8) If a seller makes X % above C.P. and offers a discount of Y%, then profit % or loss % can be calculated using the formula:
Profit or Loss% = (X – Y) – X × Y
100
9) Discount:
a) Discount% = Discount × 100
Marked Price (M.P.)
b) If D1, D2, D3 are percentage of successive discounts on M.P., then S.P. = Marked Price 1 – D1 1 – D2 1 – D3
100 100 100
c) If a and b are two successive discount percentages, then single equivalent discount percentage is given as:
Single equivalent discount percentage = (a + b) – ab
100
Question Variety
Type 1: To find Profit/Loss or Selling Price/Cost Price.
Q 1. A shopkeeper sells an article for Rs. 200 with a loss of Rs. 20 %. Find the cost price of the article.
a. 220
b. 250
c. 280
d. 260
View solution
Q 2. A trader expects a gain of 15 % on his cost price. If in a week his sale is of Rs. 580, then what is his profit?
a. 75.65
b. 73.26
c. 72.50
d. 70.78
View solution
Q 3. If a boy sells a book for Rs. 450 he gets a loss of 10 %, then find cost price. To gain 10 %, what should be the selling price?
a. 400, 500
b. 550, 600
c. 500, 550
d. 475, 525
View solution
Correct Option: (c)
1) Find cost price
Let C.P. of book = x and S.P. = Rs. 450
S.P. of book = C.P. – (10% of C.P.)
S.P. = x – (0.10x)
450 = 0.9 x
x i.e cost price = Rs. 500
2) Find Selling Price to gain 10 %.
Now, we are asked to find selling price to gain 10% profit.
Hint:
Selling Price = (100 + Gain%) × C.P.
100
Selling Price = (100 + 10) × 500
100
Selling Price = (110) × 500
100
Therefore, selling Price = Rs. 550