Question : The selling price of a watch is Rs.1056 and the profit percentage is 10 percent. If the selling price is Rs. 800, then what will be the loss percentage?
Option 1: 16.66 percent
Option 2: 25 percent
Option 3: 12.5 percent
Option 4: 15 percent
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Correct Answer: 16.66 percent
Solution :
$\small SP=CP+(\frac{\text{Profit Percentage}}{100})×CP$ where $SP$ is the selling price and $CP$ is the cost price.
⇒ $1056=CP+0.1×CP$
⇒ $1056 = 1.1 CP$
⇒ $CP = \text{Rs. }960$
Now, Loss Percentage $=\frac{\text{Cost Price − Selling Price}}{\text{Cost Price}}×100$
⇒ Loss Percentage $=\frac{960-800}{960}\times 100
= \frac{160}{960}\times 100 = \frac{4}{24}\times 100$
⇒ Loss Percentage $= 16.66\%$
Hence, the correct answer is 16.66 percent.
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