By selling an article for $3151, a trader makes a profit of 15%.
a. Calculate the cost price of the article.
b. Calculate the selling price if trader wishes to make a profit of 35%
a. 1.15 c = 3151
find c
b. 1.35 c = ?
a. Well, if the trader made a profit of 15%, we can assume that the selling price is 115% of the cost price. So, let's do some math to find out the cost price.
Let's say the cost price of the article is x.
115% of x is 1.15x.
We know that the selling price is $3151, so we can set up the equation:
1.15x = $3151
Solving for x:
x = $3151 / 1.15
Calculating that gives us:
x ≈ $2739.13
Therefore, the cost price of the article is approximately $2739.13.
b. Now, if the trader wants to make a profit of 35%, we can assume that the selling price will be 135% of the cost price. Let's calculate that!
Let's say the cost price is still x.
135% of x is 1.35x.
Now we can set up the equation:
1.35x = ? (we'll find out what the selling price should be)
Solving for x:
x = ? / 1.35
Since we don't have the exact selling price given, I can't give you the exact answer. But now you have the equation to find out the selling price if the trader wishes to make a profit of 35%. Happy calculating!
a. To calculate the cost price of the article, we need to find the original price before the 15% profit was added.
Let's assume the cost price is x.
Profit = 15% of x = 0.15 * x
Selling price = Cost price + Profit
$3151 = x + 0.15 * x
$3151 = 1.15 * x
To isolate x, divide both sides of the equation by 1.15:
$3151 / 1.15 = x
$2739.13 ≈ x
Therefore, the cost price of the article is approximately $2739.13.
b. To determine the selling price if the trader wants to make a profit of 35%, we need to calculate the new selling price based on the cost price.
Let's assume the cost price is x.
Profit = 35% of x = 0.35 * x
Selling price = Cost price + Profit
Selling price = x + 0.35 * x
Selling price = 1.35 * x
Substituting the cost price we found in part a:
New selling price = 1.35 * $2739.13
New selling price = $3692.41
Therefore, the selling price the trader needs to set in order to make a profit of 35% is approximately $3692.41.
To calculate the cost price of the article:
Step 1: Determine the profit percentage.
Profit percentage = 15%
Step 2: Use the formula:
Selling Price = Cost Price + (Profit Percentage * Cost Price)
Step 3: Substitute the provided values into the formula:
$3151 = Cost Price + (15/100 * Cost Price)
Step 4: Simplify the equation:
$3151 = Cost Price + (0.15 * Cost Price)
$3151 = Cost Price + 0.15Cost Price
$3151 = 1.15Cost Price
Step 5: Solve for the Cost Price:
Cost Price = $3151 / 1.15
Cost Price = $2739.13
Therefore, the cost price of the article is $2739.13.
To calculate the selling price if the trader wishes to make a profit of 35%.
Step 1: Determine the profit percentage.
Profit percentage = 35%
Step 2: Use the formula:
Selling Price = Cost Price + (Profit Percentage * Cost Price)
Step 3: Substitute the cost price into the formula:
Selling Price = $2739.13 + (35/100 * $2739.13)
Step 4: Simplify the equation:
Selling Price = $2739.13 + (0.35 * $2739.13)
Step 5: Solve for the Selling Price:
Selling Price = $2739.13 + $957.19
Selling Price = $3696.32
Therefore, if the trader wishes to make a profit of 35%, the selling price would be $3696.32.