Question

Ramesh gains $5\%$ by selling his old scoter for Rs. $6720$. If he sells it for Rs. $6500$, Find his gain or loss percent.

Answer 1

Given gain% = 5%

selling price of scooter = Rs 6720.

We know gain % = $\frac{SP-CP}{CP}\times 100$

$\frac{5}{100}=\frac{SP}{CP}-1$

$1+0.05=\frac{SP}{CP}$

CP= 6720/1.05=6400 Rs

now if selling price = 6500 Rs

then gain = SP-CP=6500-6400= 100 Rs

and gain % = $\frac{gain}{CP}\times 100=\frac{100}{6400}\times 100$

gain = 1.56%