Arun pays Rs. 2640 on a used machine and Rs. 295 on repairs. If he sells the machine for Rs. 3228, calculate his profit or loss. Additionally, include the gain or loss as a percentage.

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answer is A.

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Detailed Solution

Concept: Profit results from total cost prices that are lower than total selling prices, while losses occur when total cost prices are higher than total selling prices. The total cost price is used to compute the profit or loss percentage.
We are informed that Arun spends Rs. 295 on repairs after purchasing an outdated equipment for Rs. 2640.
It implies that the overall cost price will consist of the purchase price plus the cost of repairs.
Cost price is

as a result.
The price at which he sells the equipment, Rs. 3228, is also stated.
If we compare the selling and the cost prices, we find that the machine's selling price is higher.
We are aware that a profit results when the overall cost price is lower than the total selling price.
He gained as a result.
Subtract the machine's selling price from the total cost price to calculate the gain.
Therefore, Gain will be

We must now determine the gain percentage.
The following formula can be used to calculate gain percent:

Replace all the values, then calculate the gain percentage.

Therefore, gain percent will be approximate

.
Hence, option 1 is correct.

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