By selling a watch for Rs 480 a man gains 20%. Find what would have been his profit or loss percent of he had sold it for Rs. 320
Explanation:
Selling Price of a watch = Rs. 480
Profit = 20%
Hence, SP = CP(1 + P/100)
⇒ 480 = CP(1 + 20/100)
⇒ Cost Price of the watch = Rs. 400
Now, If the selling price of the watch is Rs. 320
Then, Loss % = (400 - 320) × 100/400
⇒ Loss % = 20%
Hence, option (c).
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