Question : The marked price is 10% higher than the cost price. A discount of 10% is given on the marked price. What is the gain or loss percentage?
Option 1: 5% gain
Option 2: 5% loss
Option 3: 1% loss
Option 4: 1% gain
Correct Answer: 1% loss
Solution :
Given: The marked price is 10% higher than the cost price. A discount of 10% is given on the marked price.
Let the cost price (CP) = 100
So, the marked price (MP) = (100 + 100 × $\frac{10}{100}$) = 110
After a 10% discount, the selling price (SP) = MP – MP × $\frac{\text{discount percentage}}{100}$
= 110 – 110 × $\frac{10}{100}$
= 110 – 11
= 99
So, the loss percentage = $\frac{CP-SP}{CP}×100$
= $\frac{100-99}{100}×100$
= 1%
Hence, the correct answer is 1% loss.
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