Question : If the selling price of 50 articles is equal to the cost price of 42 articles, then what is the approximate loss or profit percentage?
Option 1: 8% profit
Option 2: 16% loss
Option 3: 10% loss
Option 4: 20% profit
Correct Answer: 16% loss
Solution :
Given: 50 × selling price = 42 × cost price
Selling price = $\frac{42}{50}$ × cost price
Loss percentage = $\frac{\text{cost price – selling price}}{\text{cost price}}$ × 100
= $\frac{\text{cost price} – \frac{42}{50} × \text{cost price}}{\text{cost price}}$ × 100
= $\frac{50-42}{50}$ × 100
= 16%
Hence, the correct answer is a 16% loss.
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