Question : In a medical transaction, 17 times the cost price is equal to 8 times the sum of the cost price and the selling price. What is the gain or loss percentage?
Option 1: Loss 15%
Option 2: Gain 17.5%
Option 3: Gain 12.5%
Option 4: Loss 30%
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Correct Answer: Gain 17.5%
Solution : Given: 17 times the cost price is equal to 8 times the sum of the cost price and the selling price. A.T.Q., $\Rightarrow 17{\text{(Cost Price)}} = 8{\text{(Cost Price + Selling Price)}}$ $\Rightarrow 9{\text{(Cost Price)}} = 8{\text{(Selling Price)}}$ $\Rightarrow \frac{{\text{(Cost Price)}}}{{\text{(Selling Price)}}} = \frac{8}{9}$ Now, Profit percentage = $\frac{\text{Selling price – Cost price}}{\text{Cost price}}×100 = \frac{9-8}{8}\times 100= 12.5\%$ Hence, the correct answer is 12.5%.
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