An article when sold for N230.00 makes a 15% profit. Find the profit or loss
MATHEMATICS
JAMB 2023
An article when sold for N230.00 makes a 15% profit. Find the profit or loss % if it was sold for N180.00
- A. 10% gain
- B. 10% loss
- C. 12% loss
- D. 12% gain
Correct Answer: B. 10% loss
Explanation
First S.P = N230.00
% profit = 15%
% profit = \(\frac{S.P - C.P}{C.P}\) x 100%
⇒ 15% = \(\frac{230 - C.P}{C.P}\) x 100%
⇒ \(\frac{15}{100}= \frac{230 - C.P}{C.P}\)
⇒15C.P = 100 (230 - C.P)
⇒15C.P = 23000 - 100C.P
⇒15C.P + 100C.P = 23000
⇒115C.P = 23000
⇒ C.P = \(\frac{23000}{115}\) = N200.00
Second S.P = ?180.00
Since C.P is greater than S.P, therefore it's a loss
% loss = \(\frac{C.P - S.P}{C.P}\) x 100%
⇒ \(\frac{200 - 180}{200}\) x 100%
⇒ \(\frac{20}{200}\) x 100%
⇒ \(\frac{1}{10}\) x 100% = 10%
∴ It's a loss of 10%
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