Question

The selling price of a sofa-set is \[\dfrac{3}{5}\] times of its cost price. Find the gain or the loss percent.
A.10%
B. 40%
C.20%
D. 30%

Answer 1

Hint:We had to assume the cost price of the sofa-set and then find the selling price of that. And if the selling price is more than the cost price then there will be gain percent or if the cost price is more than the selling price then calculate loss percent.

Complete step-by-step answer:
As we know that the cost price of any article is the original cost of the article and the selling price of any article is the price at which it is sold.
So, let the cost price of the sofa set be Rs. x
As given in the question, the selling price of the sofa set is \[\dfrac{3}{5}\] times of its cost price.
So, the selling price of the sofa set will be Rs. \[\dfrac{{3x}}{5}\] = Rs. 0.6x
Now as we know that if the selling price of any article is more than its cost price then there will be a gain and if the cost price of any article is more than its selling price then there will be a loss.
So, let us find whether there is gain or loss in sofa-set
Now as we can see that the cost price of the sofa-set is more than the selling price. So, we had to calculate the loss percent.
Now as we know that the formula to find the loss percent is \[\dfrac{{{\text{loss}}}}{{{\text{cost price}}}} \times 100\]
And the value of loss is equal to cost price – selling price.
So, loss in sofa-set will be = x – 0.6x = 0.4x
So, the loss percent in sofa set will be = \[\dfrac{{0.4x}}{x} \times 100 = 0.4 \times 100 = 40\]%
Hence, the correct option will be B.

Note:Whenever we come up with this type of problem then we assume cost price as any variable x and then find the selling price. And after that we had to check whether there is loss or gain by using the condition that if the selling price of any article is more than its cost price then there will be a gain and if the cost price of any article is more than its selling price then there will be a loss. After that we can find the loss or gain percent by direct applying the formula for that i.e. Gain percent = \[\dfrac{{{\text{gain}}}}{{{\text{cost price}}}} \times 100\]% and Loss percent = \[\dfrac{{{\text{loss}}}}{{{\text{cost price}}}} \times 100\]%.
This will be the easiest and efficient way to find the solution of the problem.