The marked price of a bedsheet is 14 percent more than its cost price. If a discount of 14 percent is given on the marked price. What is the gain or loss percent?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e 1.96 percent loss
Given that
The marked price is 14% more than the cost price.
Let the cost price of a bedsheet = 100 units
Then, the marked price = 100 + 100 × 14/100 = 114 units
A discount of 14% given on the marked price
then, the S.P = 114 *(100 - 14)/100
S.P = 98.04 units
Formula used
Loss percentage = [(C.P - S.P)/C.P] × 100
= [(100 - 98.04)/100] × 100
= 1.96 %