The selling price of a bag is Rs. 1056 and the profit percentage is 20. If selling price is Rs. 800 then what will be the loss percentage?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 9.09 percent.
The Cost Price of the bag = ( C.P.)
The selling price (S.P.) = Rs. 1056
The profit percentage is 20%.
S.P. = C.P. × (1 + Profit Percentage / 100)
⇒ 1056 = (C.P.) × (1 + 20 / 100)
⇒ 1056 = (C.P.) × 1.2
⇒ (C.P.) = 1056 / 1.2 = 880
Loss percentage = (Loss) / (C.P.) × 100
Loss = C.P. - S.P. = 880 - 800 = 80
Loss Percentage = 80 / 880 × 100 = 9.09%