In a medical transaction, 17 times the cost price is equal to 8 times the sum of the cost price and the selling price. What is the gain or loss percentage?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Gain 12.5%
17 × CP = 8(CP + SP).
17CP = 8CP + 8SP
9CP = 8SP
CP : SP = 8 : 9
Profit % = 1/8 × 100 = 12.5%