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A man buys an article for 10% less than its value and sells it for 10% more than its value. His gain or loss percent is:________?

Correct answer: D. more than 20% profit

  • A. no profit, no loss
  • B. 20% profit
  • C. less than 20% profit
  • D. more than 20% profit

Explanation

Let the article's value be V Rs. The cost price is 90% of V, or 0.9V Rs, and the selling price is 110% of V, or 1.1V Rs, so the gain is 0.2V Rs. Gain percent = (0.2V / 0.9V) x 100 = 22.22%, which is more than 20%; students often choose 20% by subtracting the two percentages without dividing by cost price.

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About Profit and Loss

Profit and loss compare the cost price and selling price of an item, using profit or loss percentages based on the cost price unless stated otherwise. Questions include marked price, discount, successive discounts, commission, and finding an unknown price, with care needed to distinguish discount from loss.

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