Question

A person sold 2 cars for Rs. 280000 each, gaining 10% on one and loosing 10% on other. Find the overall profit or loss percent.
1. 1% profit
2. 1% loss
3. No profit no loss
4. 2% loss

Answer 1

Correct Answer - Option 2 : 1% loss

GIVEN:

CONCEPT:
When the selling prices are same then it is always a case of loss.

FORMULA USED:

When gain and loss percentages are same i.e. x%

So,

Overall loss percentage = [x²/100]%

CALCULATION:

Applying the formula:

Loss percentage = [10²/100] = 1% loss.