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Ankur bought 70 kg of potatoes at Rs. 5000 and sold it at Rs. 4000. Find the loss %.

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Last updated date: 11th Jun 2024
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Answer
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Hint: Since the cost price is greater than the selling price. So, it is a loss. Calculate the value of loss by the formula, Loss = C.P. – S.P. After that calculate the loss percentage by the formula $Loss%=\dfrac{Loss}{C.P.}\times 100$. Then do the calculation. The value obtained is the desired result.

Complete step by step answer:
Given: The cost price of 70 kg of potatoes, C.P. $= Rs. 5000$
The selling price of 70 kg of potatoes, C.P. $= Rs. 4000$
Since the cost price is greater than the selling price. So, it is a loss. The formula for calculating loss is,
$Loss = C.P. – S.P.$
Substitute the value of cost price and selling price in the above formula,
$\text{Loss} = 5000 – 4000$
Subtract 4000 from 5000 on the right side of the equation,
$\text{Loss} = Rs. 1000$
Now calculate the loss percentage. The formula for the loss percentage is,
$\text{Loss%}=\dfrac{\text{Loss}}{C.P.}\times 100$
Substitute the value of loss and cost price in the formula,
$\Rightarrow \text{Loss}\%=\dfrac{1000}{5000}\times 100$
Cancel out the common factors from the numerator and denominator,
$\Rightarrow \text{Loss}\%=20\%$

Hence, the loss percentage for the 70 kg of potatoes is 20%.

Note:
Cost price (CP) is the price at which an article is purchased.
Selling price (SP) is the price at which an article is sold.
If the selling price is more than the cost price, profit(gain) occurs.
Profit = Selling Price - Cost price
If the selling price is less than the cost price, loss occurs.
Loss = Cost Price - Selling Price
The formula for calculating the profit percent is,
\[Profit\%=\dfrac{Profit}{Cost\,Price}\times 100\]
The formula for calculating the loss percent is,
\[Loss\%=\dfrac{Loss}{Cost\,Price}\times 100\]