The selling price of a sofa-set is 3/5 times of its cost price. Find the gain or the loss percent.

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10%

40%

20%

30%

answer is B.

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Detailed Solution

Concept-
To get the selling price, we first had to determine the sofa set's cost. Calculate the gain percentage if the selling price is higher than the cost price or the loss percentage if the cost price is higher than the selling price.
The cost price of any item is its initial cost, while the selling price is the price at which it is sold, as is common knowledge.
Therefore, if the sofa set's cost price is Rs. x as indicated in the question, its selling price is 35 times higher than its cost price. Therefore, the sofa set will sell for

R s . 3 x 5 = R s .0.6 x

As we already know, there will be a gain if the selling price of any item is higher than its cost price, and a loss if the cost price of any item is higher than the selling price.
Let's investigate whether the sofa-set has increased or decreased.
As we can see, the sofa set's cost price is more than its selling price. Therefore, we have to determine the loss percentage.
Knowing that the formula to calculate the loss percentage is loss cost price×100
And the cost price minus the selling price is the value of the loss.
So, the loss of the sofa-set will be = x - 0.6x = 0.4x
Loss percent in sofa set = 0.4x×100=0.4×100=40%
Hence, the correct answer is 2) 40%

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