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Ramesh bought 10 cycles for $ 500 each. He spent $ 2,000 on the repair of all cycles. He sold five of them for $ 750 each and the remaining for $ 550 each. Then the total gain or loss % is
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Gain of 8 1 % 3 -
Loss of 8 1 % 3 -
Gain of 7 2 % 3 -
Loss of 7 1 % 7
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Correct Option: D
Here , Ramesh bought 10 cycles for $ 500 each and spent $ 2,000 on the repair of all cycles .
Total actual C.P. = $ (500 × 10 + 2000) = $ 7000
And total S.P. = $ (5 × 750 + 5 × 550) = $ (3750 + 2750) = $ 6500
Loss = Total S.P. - Total C.P. = $ 7000 – 6500 = $ 500
| Loss percent = | × 100 | 7000 |
| Loss percent = | = 7 | % | 7 | 7 |
