Question : The selling price of a book is INR 855. If the loss incurred through the sale is 10%, then what is the nominal amount of loss incurred?
Option 1: INR 85
Option 2: INR 90.5
Option 3: INR 85.5
Option 4: INR 95
Correct Answer: INR 95
Solution :
Given: The selling price of a book is INR 855.
The loss incurred through the sale is 10%.
Use the formula, Loss percentage = $\frac{\text{CP – SP}}{\text{CP}}\times 100$ where $\text{SP}$ and $\text{CP}$ are the selling price and the cost price
$10 = \frac{\text{CP – 855}}{\text{CP}}\times 100$
⇒ $CP = 10 CP - 10\times 855$
⇒ $9 CP = 8550$
⇒ $ CP =$ INR 950
The nominal amount of loss incurred = INR 950 – INR 855 = INR 95
Hence, the correct answer is INR 95.
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