An article when sold for 230 00 makes a 15 prof... - JAMB Mathematics 2023 Question
An article when sold for ₦230.00 makes a 15% profit. Find the profit or loss % if it was sold for ₦180.00
10% gain
10% loss
12% loss
12% gain
Let's denote the cost price of the article as \(C\).
According to the given information, when the article is sold for ₦230.00, there is a 15% profit. Therefore,
\[ \text{Selling Price} = C + \text{Profit} \]
\[ 230.00 = C + 0.15C \]
\[ 230.00 = 1.15C \]
Now, we can find the cost price \(C\):
\[ C = \frac{230.00}{1.15} \]
\[ C \approx 200.00 \]
Now, when the article is sold for ₦180.00:
\[ \text{Profit or Loss} = \text{Selling Price} - \text{Cost Price} \]
\[ \text{Profit or Loss} = 180.00 - 200.00 \]
\[ \text{Profit or Loss} = -20.00 \]
Now, to find the percentage profit or loss:
\[ \text{Percentage Profit or Loss} = \left(\frac{\text{Profit or Loss}}{\text{Cost Price}}\right) \times 100 \]
\[ \text{Percentage Profit or Loss} = \left(\frac{-20.00}{200.00}\right) \times 100 \]
\[ \text{Percentage Profit or Loss} = -10\% \]
Therefore, the correct answer is a 10% loss
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