An item is sold for Rs 10370 at a profit of 22%. What would have been profit or loss percent had it been sold for Rs 7225?
Solution
Let the cost price of an item be Rs x, then
CP = $\frac{SP\times 100}{100+profit}$
x = $\frac{10370~\times 100}{100+22}=~\frac{1037000}{122}=Rs8500$
Loss = $8500 - 7225 = Rs 1275$
Loss% = $\frac{1275}{8500}\times 100=15\%$