Correct Answer - Option 2 : 13.75%

Given:

Marked price (M.P) of shirt = Rs. 460

The marked price is 15% more than the cost price.

Formula Used:

Loss% = {(C.P. - S.P.)/(C.P.)} × 100

S.P = [(100 - Discount%)/100] of M.P.

Where,

C.P. = Cost Price

S.P. = Selling Price

Calculation:

M.P. = Rs. 460

According to the question,

115% of C.P. = M.P.

⇒ 23/20 × C.P. = 460

⇒ C.P. = Rs. 400

Discount = 25%

⇒ S.P. = 75% of M.P..

⇒ S.P. = (75/100) × 460

⇒ S.P. = Rs. 345

As per formula,

Loss% = {(C.P. - S.P.)/(C.P.)} × 100

⇒ Loss% = {(400 - 345)/400} × 100

⇒ Loss% = 55/400 × 100

⇒ Loss% = 13.75

∴ The loss percentage is 13.75%.