A book was sold for Rs. 704 with a profit of 10%. If it were sold for Rs. 664, then what would have been the percentage of profit or loss?

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  1. 3.75% loss
  2. 4.25% loss
  3. 3.75% profit
  4. 4.25% profit

Answer (Detailed Solution Below)

Option 3 : 3.75% profit
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Detailed Solution

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Given : 

Book was sold for Rs.704 at profit of 10%.

Calculation :

Profit = 10%

By applying ratio method,

CP = 10, SP = 11

SP = 11 = 704

⇒ 1 = 64

CP = 64 × 10 = 640

New SP = 664

Profit = 24/640 × 100 

⇒ 3.75% 

∴ The correct answer is 3.75%.

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