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If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%?
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Question:
If a man sells a pen for $80 and incurs a loss of 4%, what amount should he sell it for in order to gain 20%? Explain in detail.
Answer:
Understanding the Problem:
In this problem, we are given that a man sells a pen for $80 and incurs a loss of 4%. We need to find the amount at which he should sell the pen in order to gain a profit of 20%.
To solve this problem, we need to use the concept of profit and loss. Profit or loss is calculated as a percentage of the cost price (CP) or the selling price (SP) of an item. The formula to calculate profit or loss percentage is:
Profit/Loss % = (Profit/Loss / CP) * 100
Step 1: Calculate the Cost Price (CP):
To find the amount at which the man should sell the pen to gain a profit of 20%, we first need to calculate the cost price (CP) of the pen. We know that the man incurs a loss of 4% when he sells the pen for $80. Let's assume the cost price of the pen is x dollars.
Loss % = 4%
Loss = (4/100) * x = 0.04x
Selling Price (SP) = CP - Loss
80 = x - 0.04x
80 = 0.96x
x = 80 / 0.96
x = 83.33 (approximately)
Therefore, the cost price (CP) of the pen is $83.33.
Step 2: Calculate the Selling Price (SP) for a 20% Profit:
Now, we need to find the selling price (SP) at which the man should sell the pen to gain a profit of 20%. Let's assume the selling price is y dollars.
Profit % = 20%
Profit = (20/100) * CP = (20/100) * 83.33 = 16.67
Selling Price (SP) = CP + Profit
y = 83.33 + 16.67
y = 100 (approximately)
Therefore, the man should sell the pen for $100 in order to gain a profit of 20%.
Conclusion:
To summarize, if a man sells a pen for $80 and incurs a loss of 4%, he should sell it for $100 in order to gain a profit of 20%. By following the steps outlined above, we calculated the cost price (CP) of the pen to be $83.33 and found the selling price (SP) required to achieve the desired profit percentage.
If a man sells a pen for $80 and incurs a loss of 4%, what amount should he sell it for in order to gain 20%? Explain in detail.
Answer:
Understanding the Problem:
In this problem, we are given that a man sells a pen for $80 and incurs a loss of 4%. We need to find the amount at which he should sell the pen in order to gain a profit of 20%.
To solve this problem, we need to use the concept of profit and loss. Profit or loss is calculated as a percentage of the cost price (CP) or the selling price (SP) of an item. The formula to calculate profit or loss percentage is:
Profit/Loss % = (Profit/Loss / CP) * 100
Step 1: Calculate the Cost Price (CP):
To find the amount at which the man should sell the pen to gain a profit of 20%, we first need to calculate the cost price (CP) of the pen. We know that the man incurs a loss of 4% when he sells the pen for $80. Let's assume the cost price of the pen is x dollars.
Loss % = 4%
Loss = (4/100) * x = 0.04x
Selling Price (SP) = CP - Loss
80 = x - 0.04x
80 = 0.96x
x = 80 / 0.96
x = 83.33 (approximately)
Therefore, the cost price (CP) of the pen is $83.33.
Step 2: Calculate the Selling Price (SP) for a 20% Profit:
Now, we need to find the selling price (SP) at which the man should sell the pen to gain a profit of 20%. Let's assume the selling price is y dollars.
Profit % = 20%
Profit = (20/100) * CP = (20/100) * 83.33 = 16.67
Selling Price (SP) = CP + Profit
y = 83.33 + 16.67
y = 100 (approximately)
Therefore, the man should sell the pen for $100 in order to gain a profit of 20%.
Conclusion:
To summarize, if a man sells a pen for $80 and incurs a loss of 4%, he should sell it for $100 in order to gain a profit of 20%. By following the steps outlined above, we calculated the cost price (CP) of the pen to be $83.33 and found the selling price (SP) required to achieve the desired profit percentage.
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If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%?
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If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%?.
If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If buy selling a pen for $80 a man loses 4% for what amount should he sell it so as to gain 20%?.
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