Example question with shortcuts formula of profit and loss chapter for competitive exam #4

We have completed the 3rd lesson on profit and loss aptitude tricks and solution by using math tricks. Though, the profit and loss aptitude tricks are not finished even now. Because we are trying to cover all methods depending on profit and loss with the solved quantitative aptitudes. In the earlier post, we have discussed the formula to calculate profit, loss, loss%, profit%, selling price etc. But in this profit and loss math tutorial, we have to inform you, how to calculate Cost price when knowing gain% or loss% with the Selling Price. So, friends, we will learn here two formulas which are very easy to learn and apply in the quantitative aptitudes question related to profit and loss. Without any kind of boring speech, the formulae are in bellow.
When a seller sells any product in gain, then the Cost price will
C.P={100/(100+gain%)}*S.P
When the seller sells any product in loss, then the cost price of the product will be
C.P={100/(100-Loss%)}*S.P

If you give kind attention to both formulae, then you can find the difference is there '+gain %' and '–Loss%'. If the seller sells any product for profit or gains, then we will use ‘+Gain%’, and ‘–Loss%’ if the product sells for Loss.
Read more about Profit and loss

Now, we are going to apply shortcut formula on quantitative aptitude question related to the profit and loss math problems.

Profit and loss quantitative aptitude question

An electronics product seller sells a mobile power bank at Rs 1100. If he makes the profit of 10%, then find the cost price of the power bank will be...
Solution by math tricks:-
Just apply the above the first formula mention above and put the value. Here we got Gain% is 10%, Selling Price is Rs 1100. Now we have to find the Cost Price.
So,
Cost Price = {100/(100+gain%)}*S.P
Cost Price= {100/(100+10)}*1100
Cost Price={100/110}*1100
Cost price =100*10 =1000
Therefore the Cost Price of the power bank was rupees 1000.
Profit and loss Example question while seller sells on loss:
An LCD T.V seller sells an LCD T.V at rupees 18,000, and he took that he sells the product 10% loss. Now find the cost price of the LCD T.V?
Solution with math tricks:-
Here we knew the selling price is Rs 18,000 and seller losing 10%. So we will apply the second formula because the vendor selling the product in the loss. Let’s see the Cost price Calculation below:-
C.P={100/(100-Loss%)}*S.P
Cost Price = {100/(100-10)}*18,000
Cost price = {100/90}*18,000
Cost price =100*200 =20,000

Are not easy both formula friends? Actually, all methods are straightforward if we give a little effort. Already we have covered nine shortcuts ways in the previous tutorial. Now we have to practice as much as we can. Because practices make man perfect. Without any practice, we could not achieve our goals. We use easy math question in the example, We did not take any hard question while we were learning the formula for profit and loss. But now, we need lots of questions which have already asked in competitive examination or model question which type of question may be asked in future. Now becoming the right challenge how we will solve a competitive math problem in short time. Earlier, we have just learned the basic concept and formula of profit and loss chapter. By increasing level w are preparing this section where we will work including some advanced math problem. Where we will use Shortcut formula with customization and try to evaluate answer in tricky and shortcut method.