Question : 11 oranges are bought for Rs 10 and 10 oranges are sold for Rs. 11. What is the gain or loss percentage?
Option 1: Gain = 11%
Option 2: Loss = 11%
Option 3: Loss = 21%
Option 4: Gain = 21%
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Correct Answer: Gain = 21%
Solution :
Cost price of 11 oranges = Rs. 10
⇒ Cost price of 1 orange = Rs. $(\frac{10}{11})$
Also, the Selling price of 10 oranges = Rs. 11
⇒ Selling price of 1 orange = Rs. $(\frac{11}{10})$
Now, profit = Selling price – Cost price = $\frac{11}{10}$ − $\frac{10}{11}$ = Rs. $(\frac{121-100}{110})$ = Rs. $(\frac{21}{110})$
⇒ Profit % = $\frac{\frac{21}{110}}{\frac{10}{11}}×100$ = 21%
Hence, the correct answer is 'Gain = 21%'.
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