A purse was sold for ₹ 99 with a profit of 10%. If it was sold for ₹ 72, what would be the percentage of profit or loss?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 20% loss.
Given:
A purse was sold for ₹ 99 with a profit of 10%.
Final selling price = ₹ 72
Formula used:
Selling price = Cost price + Cost price × 10% ---- (1)
Loss = Cost price - selling price ---- (2)
Calculations:
Using equation (1), we get
Cost price = 99 × (100/110) = 90
Using equation (2)
Loss = 90 - 72 = 18
Using equation (3),
Loss% = [18/90] × 100 = 20%