On selling an article for ₹ 246.80 , the gain is $20 \%$ more than the amount of loss incurred on selling it for ₹ 216 . If the article is sold for $₹ 220.75$, then what is the gain/loss percent (correct to nearest integer)?
Answer & explanation
Correct answer: option 3
First selling price of the article = ₹ 246.80
Second selling price of the article = ₹ 216
Difference between first selling price and second selling price = Profit is 20% more than loss given in the statement
Let the loss = x
246.80 - 216 = 6x + 5x
11x = 30.8
x = 2.8
5X = 14
CP = 216 + 14 = 230
New selling price = 220.75
Loss = \(\frac{(230 - 220.75) × 100}{230}\) = 4%