Question
Download Solution PDFA man sold two chairs for Rs. 475 each, gaining 25% on one and losing 20% on the other. Had he sold the two chairs for Rs. 575 each, what would have been his gain/loss percentage (rounded off to the nearest integer)?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
SP of each chair = Rs. 475
On one chair profit% = 25%
On other chair loss = 20%
New SP of each chair = Rs. 575
Concept Used:
CP = SP × 100/(100 ± Profit%/Loss%)
Profit% = Profit/CP × 100
Profit = SP - CP
Calculation:
CP1 = 475 × 100/125
475 × 4/5 = Rs. 380
CP2 = 475 × 100/80 = Rs. 593.75
Total CP = 380 + 593.75 = Rs. 973.75
Total new SP = 575 + 575 = Rs. 1150
Profit = 1150 - 973.75 = Rs. 176.25
Profit% = 176.25/973.75 × 100 = 18%
∴ Option 2 is the correct answer.
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