The marked price of a school bag was Rs 550. This price was 10% above the cost price. It was sold at a discount of 10% on the marked price. Find the gain or loss percentage.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Loss 1%.
According to the given question,
MP = 110% of CP
⇒ CP = 550 × 100/110
⇒ CP = 500
Now, SP = MP × (100 - D)/100
⇒ 550 × 90/100 = 495
Required loss percentage = [(500 - 495)/500] × 100
⇒ 100 × 5/500 = 1%