Question 58

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?

Solution

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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