Multiple choice

A trader bought 7 pencils for 8 cents and sold 8 for 7 cents. Find his gain or loss percentage.

  1. 23.44% loss

  2. 24% profit

  3. 34% profit

  4. 36% loss

  5. 40% loss
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A Correct answer
Explanation

Cost price of 1 pencil = 8/7 cents. Selling price of 1 pencil = 7/8 cents. Loss = 8/7 - 7/8 = (64 - 49)/56 = 15/56. Loss percentage = (Loss / CP) * 100 = (15/56) / (8/7) * 100 = (15/56) * (7/8) * 100 = (15/64) * 100 = 23.4375%.

AI explanation

To make the quantities equal, consider buying 56 pencils. The cost price for 56 pencils is (56 / 7) times 8 cents, which is 64 cents. The selling price for 56 pencils is (56 / 8) times 7 cents, which is 49 cents. Using the loss percentage formula, (Loss / Cost Price) times 100, the calculation is ((64 - 49) / 64) times 100, yielding a result of 23.44% loss.

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