When an article is sold for Rs. 2080, a shopkeeper suffers as much loss as he would have gained by selling it at a profit of 20%. If he sells the same article for Rs. 2470, his profit or loss percentage is
OPtion
1) 5% Gain
2) 8.84% Loss
3) 2.5% Gain
4) 1.2% Loss
5) 1.15% Loss
6) 5% Loss
7) 2.7% Gain
8) 2.5% Loss
9) 4% Gain
10) None of these
Solution
Let the cost be Rs x, then (x - 2080) = (120/100)*x - x
x - 2080 = 0.2x
0.8x = 2080
x = 2600
Loss when SP is 2470 = 2600 - 2470 =Rs. 130
% Loss = (130/2600)*100 = 5%
Correct Option 6)