Question

A shop keper sold a sofa set at (4)/(5) times of its cost price. Find the gain or loss percent.

Answer 1

To find the gain or loss percent for a sofa set sold at 4/5 times its cost price, calculate the difference between the selling price and cost price, divide it by the cost price, and multiply by 100 to get a loss of 20%.

Step-by-step explanation:

The question asks about calculating the gain or loss percentage when a shopkeeper sells a sofa set at 4/5 times its cost price. To find the gain or loss percent, we first determine if the selling price is greater than or less than the cost price. As the sofa is sold for less than the cost price, this implies a loss.

We calculate the loss percentage using the formula:

1. First, determine the loss by subtracting the selling price (4/5 of the cost price) from the cost price.
2. Then, divide the loss by the cost price.
3. Finally, multiply the result by 100 to get the loss percentage.

For example, if the cost price is $100, the selling price will be $80 (which is 4/5 of $100). The loss is $100 - $80 = $20. The loss percentage is ($20/$100) * 100 = 20%.