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 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
Solution
To solve this problem, we first need to find the cost price and the selling price per pen.
- The cost price per pen is 1.125.
- The selling price per pen is 0.8889 (approximately).
Next, we calculate the loss, which is the difference between the cost price and the selling price.
- Loss per pen = Cost price - Selling price = 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%.
- Loss percentage = (Loss per pen / Cost price per pen) * 100% = (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.
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