Ravi bought a new car for rs. 4,75,000. Accessories, insurance and tax cost him rs. 75,000. After 5 years he sold the car for rs. 2,50,000. What was his loss % ?
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Answer:
Loss% = 54.5%
Step-by-step explanation:
Given
Ravi bought a new car for rs. 4,75,000.
Accessories, insurance and tax cost him rs. 75,000.
Total amount spent to buy the car (Cost price) = 4,75,000+75,000 = rs. 5,50,000
Selling price of the car = rs. 2,50,000
To find: loss%
Formula:
Loss % = [(cost price - selling price)/ cost price] x 100
Soln:
Loss% = [(5,50,000-2,50,000)/5,50,000] x 100
= [3,00,000/5,50,000] x 100
= 0.5454 x 100
= 54.5%
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