If Ravi had bought a car for ₹3,00,000 and sold it to his friend for ₹2,80,000, does he get a profit or a loss?

Profit

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Loss

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Neither profit nor loss

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Cannot say

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Solution

The correct option is B
Loss

CP of the car = ₹3,00,000
SP of the car = ₹2,80,000
Since CP > SP, Ravi gets a loss.

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