Question : The marked price of a school bag was INR 550. This price was 10% above the cost price. It was sold at a discount of 10% on the marked price. Find the gain or loss percentage.
Option 1: Loss 1%
Option 2: Loss 0.1%
Option 3: Gain 0.1%
Option 4: Gain 1%
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Correct Answer: Loss 1%
Solution :
Marked price, $MP$ = INR 550
Cost price, $CP=\frac{MP\times 100}{(100+10)}$
= $\frac{550\times 100}{(110)}$
= INR 500
Selling price after 10% discount on marked price, $SP = \frac{550\times (100-10)}{100}$
= $\frac{550\times 90}{100}$
= INR 495
Now, loss percentage = $\frac{(CP-SP)}{CP}\times 100$
= $\frac{(CP-SP)}{CP}\times 100$
= $\frac{(500-495)}{500}\times 100$
= 1%
Hence, the correct answer is 'Loss 1%'.
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