By selling 20 oranges for ₦1.35 a trader makes a profit of 8%. What is his percentage gain or loss if he sells the same 20 oranges for ₦1.10?

By selling 20 oranges for ₦1.35 a trader makes a profit of 8%. What is his percentage gain or loss if he sells the same 20 oranges for ₦1.10?

Answer Details

profit 8% of ₦1.35 = $\frac{8}{100}$ x ₦1.35 = ₦0.08
Cost price = ₦1.35 - ₦0.10 = ₦1.25
If he sells the 20 oranges for ₦1.10 now
%loss = $\frac{\text{actual loss}}{\text{Cost price}}$ x 100
$\frac{125-1.10}{1.25}$ x 100
= $\frac{0.15\times 100}{1.25}$
= $\frac{15}{1.25}$
= 12%