Question

By selling an article for Rs 770 a person gained 1/10 of his investment. What would have been his profit% or loss% if he would have sold the article for Rs 630? 
1. 10% profit
2. 15% loss
3. 10% loss
4. 20% loss

Answer 1

Correct Answer - Option 3 : 10% loss

Given-   

Initially SP = Rs 770

Final SP = 630

Concept Used-

Profit% = (SP - CP)/CP × 100       [where CP = Cost Price and SP = Selling Price]

Loss% = (CP - SP)/CP × 100      [where CP = Cost Price and SP = Selling Price]

Calculation-

Gain = 1/10 × 100

⇒ 10%

According to Question-

CP(1 + 10%) = 770

⇒ CP = 700

Now Loss% on selling the article at Rs 630 = (700 - 630)/700 × 100

⇒ 7/70 × 100

⇒ 10%

∴ His loss% would have been 10%.