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Percentages Smart Math

[Smart Math] Percentages Problem 20

Here’s and example of a SMART MATH problem for PERCENTAGES.

Percentages

Problem

A bicycle is sold at a profit of 10%. Had it been sold for $10 less, the profit would have been 5% only. What is the cost price of the bicycle?

  1. $180
  2. $200
  3. $220
  4. $240
  5. $250

The Usual Method

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Let the cost price of the bicycle be $‘x’.

Hence selling price with 10% profit = 1.1x.

But had it been sold for $10 less, profit = 5% only.

Hence, 1.1x – 10 = 1.05x

\therefore 0.05x=10 \therefore x=\frac{10}{0.05}= $200

(Ans: 2)

Estimated Time to arrive at the answer = 30 seconds.

Using Technique

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By reducing $10 from selling price the profit reduces by 5%, hence $10 is equivalent to 5%, so 100% will be equivalent to $200.

(Ans: 2)

Estimated Time to arrive at the answer = 5 seconds.
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