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The percentage of loss when an article is sold at Rs. 500 is the same as that of the profit% when it is sold at Rs. 700. Find the percentage of profit or loss on the article.
1. 50/3%
2. 50%
3. 15%
4. 17%

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Correct Answer - Option 1 : 50/3%

Given:

The percentage of loss when an article is sold at Rs. 500 is the same as that of the profit when it is sold at Rs. 700.

Formula used:

P = S.P. – C.P.

L = C.P. – S.P.

P% = (P/C.P.) × 100

L% = (L/C.P.) × 100

Where,

P → Profit 

L → Loss

SP → Selling price

CP → Cost price

Calculations:

Let the C.P. be x.

According to question 

{(x – 500)/x} × 100 = {(700 – x)/x} × 100

⇒ x(x – 500) = x(700 – x)

⇒ 2x = 1200

⇒ x = 600

So, loss = 600 – 500 = 100

L% = 100 × (100/600) = 50/3%

∴ The required loss% is 50/3%.

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