Select the correct answerThe selling price of 5 articles is the same as the cost price of 3 articles. The gain or loss percent is?Options20% gain33.33% loss40% loss25% gain
Question
Select the correct answerThe selling price of 5 articles is the same as the cost price of 3 articles. The gain or loss percent is?Options20% gain33.33% loss40% loss25% gain
Solution
Let's solve this step by step:
Step 1: Let's assume the cost price of 1 article is 3.
Step 2: According to the question, the selling price of 5 articles is the same as the cost price of 3 articles. So, the selling price of 5 articles is also $3.
Step 3: Therefore, the selling price of 1 article would be 0.60.
Step 4: We know that the cost price of 1 article is 0.60. This means there is a loss.
Step 5: The formula to calculate loss percent is: (Loss/CP) * 100. Here, the loss is 0.60 = $0.40.
Step 6: Substituting the values in the formula, we get: (1) * 100 = 40%.
So, the answer is 40% loss.
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