A shopkeeper sold a pair of headphones for ₹5,520 at a gain of 20%. What would have been the gain or loss percent if it had been sold for ₹4,370?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. Loss 5%.
We know that,
Gain percent = [(Selling Price - Cost Price) × 100]/Cost price
Loss percent = [(Cost Price - Selling Price) × 100]/Cost price
SP = CP + Gain
⇒ 5520 = CP + (20 × CP)/100
⇒ (120/100 CP) = 5520
⇒ CP = 4600
⇒ Loss percent = [(4600-4370)/4600] × 100
⇒ (230/4600) × 100 = 5%