A man sold an oven for ₹8,875 and made a profit of 25% in the process. What would have been his profit or loss percent (up to two decimal places), had he sold it for ₹6,937?

Explanation

Given: The man sold an oven for ₹8,875 an made a profit of 25% in the process. Concept used: Selling Price = Cost Price + Cost Price × Profit% Loss% = (Cost P rice − Selling P rice) × 100% Cost P rice ​ Calculation: Let the cost price of the oven be c. According to the question, c + c × 25% = 8875 ⇒ 1.25c = 8875 ⇒ c = 8875/1.25 ⇒ c = 7100 Now, loss% = 7100−6937 × 100% 7100 ​ ⇒ 2.2957% ≈ 2.30% ∴ His loss percent would have been 2.30%.