Amina buys a book for Rs.275 and sells it at a loss of 15%. How much does she sell it for?
ANSWER
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Hint:Using the loss percentage formula we determine the value of loss . We know loss and cost price. Thus find the selling price using the basic formula to calculate loss i.e difference of cost price and selling price gives the loss.
Complete step-by-step answer: Amina buys a book for Rs.275. So the cost price of the book is Rs.275. We need to find the selling price of the book. It is given that the loss percentage = 15%. We can calculate loss % by the formula, \[\dfrac{Loss}{CP}\times 100%\]. We have been given loss % = 15 %. $ \therefore \dfrac{Loss}{CP}\times 100%=15% \\ \therefore \dfrac{Loss}{275}=\dfrac{15%}{100%} \\ $ Cross multiply and simplify the expression, Loss = \[275\times \dfrac{15}{100}=\dfrac{4125}{100}=41.25\] Thus the loss is Rs.41.25. Loss = Cost price – Selling price. Thus we can find selling price as, Selling price = Cost price – Loss = 275 – 41.25 = 233.75. Thus we got the selling price of the book as Rs.233.75.
Note: If we were asked to find profit then the formula would become, profit = selling price – cost price. Profit and Loss formula is used to determine the price of a commodity in the market and understand low profitable business.