Question

On selling an article for Rs. 246.80, the gain is 20% more than the amount of loss incurred on selling it for Rs. 216. If the article is sold for Rs. 220.75, then what is the gain/loss percent (correct to nearest integer)?

a. Profit 7%
b. Loss 4%
c. Loss 5%
d. Profit 3%

Answer 1

If the article is sold for Rs. 220.75, then the gain / loss percentage is d. Profit 3%

How to find the profit ?

To calculate the gain/loss percent when the article is sold for Rs. 220.75, we can use the formula:

Gain/Loss Percent = [(Selling Price - Cost Price) / Cost Price] * 100

In this case, the cost price is Rs. 216, and the selling price is Rs. 220.75. Plug these values into the formula:

Gain/Loss Percent = [(220.75 - 216) / 216] * 100

Gain/Loss Percent = [ (4.75 / 216) ] * 100

Gain/Loss Percent = 2.99%

= 3 %