Multiple choice

If a book is purchased for $490$ and sold for $465.50$, the loss percent is

  1. $10\%$
  2. $5\%$
  3. $15\%$
  4. $1\%$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Loss = Cost Price - Selling Price = 490 - 465.50 = 24.50. Loss % = (Loss / Cost Price) * 100 = (24.50 / 490) * 100 = 5%.

AI explanation

The loss amount is the cost price of 490 minus the selling price of 465.50, which equals 24.50. Using the loss percentage formula, Loss Percentage equals Loss divided by Cost Price multiplied by 100, giving 24.50 divided by 490 multiplied by 100. Simplifying this calculation, 24.50 divided by 490 equals 0.05, which results in a 5 percent loss.

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