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%.