A man purchases 6 pens for $8 and sells 8 pens for $6. How much profit/loss does he make? Ops: A. 43.75% Loss B. 42.4% Loss C. 40.12% Profit D. 45.98% Profit
Question
A man purchases 6 pens for 6. How much profit/loss does he make? Ops: A. 43.75% Loss B. 42.4% Loss C. 40.12% Profit D. 45.98% Profit
Solution
To solve this problem, we first need to determine the cost price and the selling price per pen.
Step 1: Determine the cost price per pen The man purchases 6 pens for 8/6 = $1.33 (rounded to the nearest cent).
Step 2: Determine the selling price per pen The man sells 8 pens for 6/8 = $0.75.
Step 3: Determine the loss per pen The loss per pen is the cost price per pen minus the selling price per pen, which is 0.75 = $0.58.
Step 4: Determine the percentage loss The percentage loss is the loss per pen divided by the cost price per pen, multiplied by 100. So, the percentage loss is (1.33) * 100 = 43.6%.
So, the closest answer is A. 43.75% Loss.
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