Selling price of first article is Rs. 470 and cost price of second article is Rs. 470. If there is a loss of 20% on first article and profit of 20% on second article, then what will be the over all profit or loss percentage?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 2.22% loss
SP = CP + Profit
SP = CP - Loss
Let Cost Price of first article be x rs.
470 = x - 20% of x
470 = x - x/5
x = 587.5 rs.
Selling price of 2nd price = 470 + 20% of 470
Selling price of 2nd price = 470 + 94
Selling price of 2nd price = 564 rs.
Total CP = 587.5 + 470 = 1057.5.
Total SP = 470 + 564 = 1034
Loss % = (CP - SP) × 100/CP
Loss % = (1057.5 - 1034) × 100/1057.5
Loss % = 23.5 × 100/1057.5 = 2.222222%