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A man purchases 8 pens for $9 and sells 9 pens for $8. How much profit or loss percent does he make?  Ops:   A. 20.12%, Profit    B. 15.28%, Loss    C. 20.98%, Loss    D. 15.42%, Profit

Question

A man purchases 8 pens for 9andsells9pensfor9 and sells 9 pens for 8. How much profit or loss percent does he make?  Ops:   A. 20.12%, Profit    B. 15.28%, Loss    C. 20.98%, Loss    D. 15.42%, Profit

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Solution

To solve this problem, we first need to find the cost price and the selling price per pen.

  1. The cost price per pen is 9/8=9/8 = 1.125.
  2. The selling price per pen is 8/9=8/9 = 0.8889 (approximately).

Next, we calculate the loss, which is the difference between the cost price and the selling price.

  1. Loss per pen = Cost price - Selling price = 1.1251.125 - 0.8889 = $0.2361 (approximately).

Now, we calculate the loss percentage, which is the loss per pen divided by the cost price per pen, multiplied by 100%.

  1. Loss percentage = (Loss per pen / Cost price per pen) * 100% = (0.2361/0.2361 / 1.125) * 100% = 21% (approximately).

So, the man makes a loss of approximately 21%. The closest answer to this is option C. 20.98%, Loss.

This problem has been solved

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