Question

11 mangoes are bought for Rs.10 and 10 mangoes are sold for Rs.11. Find the gain or loss percent.
A. \[21\%\] gain
B. \[11\%\] gain
C. \[21\%\] loss
D. \[11\%\] loss

Answer 1

Hint: In this problem, we are given that 11 mangoes are bought for Rs.10 and 10 mangoes are sold for Rs.11, we have to find the loss or gain. We can see that, if we are given the cost price and the selling price, we can compare the cost price and the selling price. We will have a selling price greater than the cost price, where there will be a gain percent. We can now use the gain percent formula to find the exact gain percent.

Complete step by step solution:
We know that the given statement is,
11 mangoes are bought for Rs.10 and 10 mangoes are sold for Rs.11.
Where,
The cost price of each mango = \[\dfrac{10}{11}\]
The selling price of each mango = \[\dfrac{11}{10}\]
We can now see that the selling price is greater than the cost price.
As the selling price is greater than the cost price, \[SP>CP\], there will be a gain.
We know that,
\[Gain\%=\dfrac{SP-CP}{CP}\times 100\]
We can now substitute the selling price and cost price in the above formula, we get
\[\Rightarrow Gain\%=\dfrac{\dfrac{11}{10}-\dfrac{10}{11}}{\dfrac{10}{11}}\times 100\]
We can now simplify the above step, we get
\[\Rightarrow Gain\%=\dfrac{\dfrac{11}{10}-\dfrac{10}{11}}{\dfrac{10}{11}}\times 100=21\%\]

So, the correct answer is “Option A”.

Note: Students make mistakes, while finding the cost price and the selling price form the given statement. The price which is being sold for is the selling price and the price which is being bought for is the cost price. We should also remember that, as the selling price is greater than the cost price, \[SP > CP\], there will be a gain.