An article when sold for ₦230.00 makes a 15% profit. Find the profit or loss % if it was sold for ₦180.00
A
10% gain
B
10% loss
C
12% loss
D
12% gain
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
First S.P = ₦230.00
% 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 = \(\frac{23000}{115}\) = ₦200.00
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%
Source: WAEC / JAMB / NECO Classroom Archive (Record #67358)