Robert bought an old bicycle for ₹1,250 and spent ₹250 on its repair. He sold it for ₹1,470. What is his loss percentage?
Robert bought an old bicycle for ₹1,250 and spent ₹250 on its repair.
Total cost price of bicycle = ₹1,250+₹250 = ₹1,500
He sold it for ₹1,470.
Selling price of bicycle = 1,470
loss percentage = $$\frac{\left(cost\ price\ -selling\ price\right)}{cost\ price\ }\times100$$
= $$\frac{\left(1500\ -1470\right)}{1500\ }\times100$$
= $$\frac{30}{1500\ }\times100$$
= $$\frac{30}{15}$$
= 2%
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