You sold your laptop If your cost price

Answer (Detailed Solution Below)

Option 2 : 20%

Given: 

The cost price of 66 Laptop is equal to the selling price of 55 Laptop

Formula Used:

Profit % = {(SP – CP)/CP} × 100

Calculation:

Let the CP of 1 Laptop = Rs. 1

CP of 55 Laptop = Rs.. 55

CP of 66 Laptop = Rs. 66

SP of 55 Laptop = CP of 66 Laptop = Rs. 66

Gain percent = [(66 – 55)/55] × 100 = 20%

∴ Gain percent is 20%

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How to calculate selling price using cost and loss percent?

We know, Selling Price = cost price - loss

              Selling Price = cost price - \(\frac{Loss Percentage × Cost Price}{100}\)

              Selling Price = \(\frac{100 × Cost Price - Loss Percentage × Cost Price}{100}\)

              Selling Price = Cost Price (\(\frac{100 - Loss Percentage}{100}\)), [Here, cost price and loss% are known.]

Solved examples will help us to find selling price when the cost price and loss% are known:

1. Shelly bought a dress for $150 and sold it to Jenny there by suffering a loss of 10%. Find the selling price of the dress.

Solution:            

Given cost price = $150

Loss % = 10%                                                      

We know, selling price =  Cost Price (\(\frac{100 - Loss Percentage}{100}\))

                              =  150 (\(\frac{100 - 10}{100}\))     

                              =  150 (\(\frac{90}{100}\))      

                              =  (\(\frac{150 × 90}{100}\))                  

                              = 9 × 15

                              = $135        

Therefore, selling price of the dress is $135.       

2. Mike bought a laptop for $800 and sold it to Jack there by suffering a loss of 12%. Find the selling price of the laptop.

Solution:            

Given cost price = $800                 

Loss % = 12%                                                      

We know, selling price = Cost Price (\(\frac{100 - Loss Percentage}{100}\))

                              = 800 (\(\frac{100 - 12}{100}\))              

                              = \(\frac{800 × 88}{100}\)                       

                              = 88 × 8

                              = $724        

Therefore, selling price of the laptop is $724.                     

3. By selling a chair for $372, Daisy loses 7%. At what price must she sell it to gain 10%.

Solution:            

Given selling price = $ 372                           

Loss % = 7%

We know, Cost Price = \(\frac{Selling Price × 100}{100 - Loss Percentage}\) 

Therefore, cost price = \(\frac{372 × 100}{100 - 7}\)          

                              = \(\frac{372 × 100}{93}\)   

                              = $400                                                  

Now cost price = $400                                                   

Gain% = 10%                                                                     

Therefore, selling price = Cost Price [\(\frac{100 + Gain Percentage}{100}\)]

                               = 400 [\(\frac{100 + 10}{100}\)]                    

                               = 110 × 4

                               = $440            

7th Grade Math Problems

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