Question : By selling a tape recorder for Rs. 1040, a man gains 4%. If he sells it for Rs. 950, his loss will be:
Option 1: 5%
Option 2: 4%
Option 3: 4.5%
Option 4: 9%
Correct Answer: 5%
Solution :
Let the cost price (CP) be Rs. $x$.
The selling price of the tape recorder is Rs. 1040.
The selling price is equal to 104% of $x$.
Selling price = $\frac{104x}{100}$ = Rs. 1040
Cost price ($x$) = $\frac{1040\times 100}{104}=1000$
If it is sold for Rs. 950, there is a loss of Rs. 50.
So, loss % $=\frac{\text{Loss}}{\text{CP}}× 100 = \frac{50}{1000} ×100 =5\%$
Hence, the correct answer is 5%.
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