Find Cost Price, Selling Price = 1001and Profit Percentage = 10%
MathsSmart・2 minutes read
The cost price of an article sold for $1001 with a 10% profit can be calculated using the formula: Cost Price = Sale Price x 100 / (100 + Profit Percent), resulting in $910. An easier shortcut method involves recognizing the sale price as 110% of the cost price, directly setting up the equation $1001 = 110/100 x CP to find the cost price as $910 without the need for the formula.
Insights
- The formula to find the cost price when earning a 10% profit by selling an article for $1001 is Cost Price = Sale Price x 100 / (100 + Profit Percent), resulting in a cost price of $910.
- An alternative shortcut method involves realizing that the sale price is 110% of the cost price when earning a 10% profit, simplifying calculations by setting up the equation $1001 = 110/100 x CP to find the cost price as $910 without memorizing the formula.
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Recent questions
How do you calculate cost price with a 10% profit?
By using the formula: Cost Price = Sale Price x 100 / (100 + Profit Percent).
What is the sale price formula for a 10% profit?
Sale Price = Cost Price x (100 + Profit Percent) / 100
How can you determine the profit percentage from sale and cost price?
Profit Percentage = (Sale Price - Cost Price) / Cost Price x 100
What is the shortcut method to calculate cost price with a 10% profit?
Realizing that the sale price is 110% of the cost price.
How do you simplify cost price calculations for a 10% profit?
Use the formula: Cost Price = Sale Price x 100 / (100 + Profit Percent) or realize sale price is 110% of cost price.
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Summary
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Calculating Cost Price with 10% Profit
- To find the cost price when earning a 10% profit by selling an article for $1001, use the formula: Cost Price = Sale Price x 100 / (100 + Profit Percent). Applying this, the cost price is $910, calculated as $1001 x 100 / 110.
- An alternative shortcut method involves realizing that the sale price is 110% of the cost price when earning a 10% profit. By directly setting up the equation $1001 = 110/100 x CP, the cost price is again determined as $910, eliminating the need to memorize the formula and simplifying calculations.
