Question

Shahbuddin, an antique collector in Hyderabad, when  sold an antique sword at $ 60 then the loss% incurred was same as the percentage profit when it was sold for $ 80. Find how much gain or loss% he had.
1. 94/7%
2. 68/5%
3. 14%
4. 100/7%

Answer 1

Correct Answer - Option 4 : 100/7%

Given∶

Loss% when S.P. was $ 60 = Profit% when S.P. was $ 80.

Formula Used∶

Loss = C.P. - S.P.

Loss% = (Loss/C.P.) × 100

Profit = S.P. - C.P.

Profit% = (Profit/C.P.) × 100

Calculation∶

Let C.P. of the antique sword be $ x

A.T.Q.,

[(x - 60)/x] × 100 = [(80 - x)/x] × 100

⇒ 2x = 140

⇒ x = 70

C.P. = x = $ 70

But S.P. = $ 60      [given]

Here, C.P. > S.P., loss incurred

Loss = C.P. - S.P. = 70 - 60 = $ 10

Loss% = (Loss/C.P.) × 100

Loss% = (10/70) × 100 = 100/7%

∴ Shahabuddin had a loss of 100/7%.