Question 4

The cost price of an item is two-third of its selling price. What is the gain/loss percent on that item?

Solution

Given that ,

Cost price (cp) = $$\frac{2}{3}$$ selling price(sp)

Clearly, selling price is more than cost price. Hence it is a GAIN .
Gain% = [(sp - cp)/ cp] * 100
= [(sp/cp) -1] * 100
= ($$\frac{34}{3}$$ - 1 ) * 100
= 50

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