Question

Jimmy bought two shirts and sells them for Rs. 6000 each with no loss and no gain in the transaction. If one was sold at a gain of 20% the other is sold at a loss of 
1. (200/7)%
2. (50/7)%
3. (75/7)%
4. (100/7)%

Answer 1

Correct Answer - Option 4 : (100/7)%

Given:

Selling price of each shirt = Rs. 6000

Profit on first shirt = 20%

Formula Used:

Profit % = ((SP - CP)/CP) × 100%

Loss % = ((CP - SP)/CP) × 100%

Calculation:

Let the cost price of first shirt = Rs. x

and the cost price of second shirt = Rs. y

Profit on first first = 20%

Profit % = ((SP - CP)/CP) × 100%

⇒ 20 = ((6000 - x)/x) × 100

⇒ 1/5 = (6000 - x)/x

⇒ x = 5(6000 - x)

⇒ x = 30000 - 5x

⇒ 6x = 30000

⇒ x = 5000

∵ There is no gain or loss

Cost price of first shirt + Cost price of second shirt = Selling price of first shirt + Selling price of second shirt

⇒ x + y = 6000 + 6000

⇒ 5000 + y = 12000

⇒ y = 7000

Cost price of second shirt = Rs. 7000

Loss % = ((CP - SP)/CP) × 100%

⇒ Loss % = ((7000 - 6000)/7000) × 100%

⇒ Loss % = (100/7)%

∴ The other shirt is sold at a loss of (100/7)%.