The selling price of 28 items is equal to the cost price of 16 items. What is the profit or loss percent? (correct to 2 decimal places)
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Loss of 42.86%
Given that
The selling price of 28 items is equal to the cost price of 16 items.
S.P. × 28 = C.P. × 16
S.P./C.P. = 16/28
Formula used
Loss % = [(C.P. - S.P.)/C.P.] × 100
Calculation
Loss % = [(28 - 16)/28] × 100
Loss % = (12/28) × 100
Loss % = 42.86%