Question

Mr. william bought an old table for RS 850 and spent 1/10 of the cost price on its repairs. He sold the table for Rs 1050. Find his gain or loss percent.

Answer 1

Gain percentage made by Mr William by selling the table at Rs. 1050 is 12.30%.

Solution:

Given that

Mr. William bought an old table for RS 850

Mr. William spent 1/10 of the cost price on its repairs.

Mr. William sold the table for Rs 1050.

Need to determine gain or loss percent.

Let’s first calculate total money spent by Mr William on Table

Total money spent by Mr William on Table = Amount at which Mr. William bought an old table + amount spent on repairs

`=\text { Cost price }+(1)/(10) \text { of the cost price }=850+(1)/(10) \text { of } 850=850+85=935`

So Total money spent by Mr William on Table = 935

Money generated by selling the table = Rs 1050

As Money generated by selling the table is more that Total money spent by on Table so there is a gain.

Gain by selling the table = Money generated by selling the table - Total money spent by Mr William on Table

= 1050 – 935 = 115

`\text { Gain percentage }=\frac{\text { gain amount }}{\text { Money spent on table }} * 100`

`=(115)/(935) * 100=12.299 \approx 12.30 \%`

Hence gain percentage made by Mr William by selling the table at 1050 is 12.30%.