If a bicycle was bought for ₹650 and sold for ₹585, then the percentage of profit is10. State whether the statement is true or false

Solution:

If a bicycle was bought for ₹650 and sold for ₹585, then the percentage of profit is 10.

We have to determine if the given statement is true or false.

According to the question,

CP = ₹650

SP = ₹585

Since CP > SP, it is loss

Loss = CP - SP

= 650 - 585

= ₹65

We know, Loss% = Loss/CP × 100

= 65/650 × 100

= 1/10 × 100

= 10%

Therefore, loss% = 10%

✦ Try This: If a motorcycle was bought for ₹12050 and sold for ₹10585, then the percentage of profit is15. State whether the statement is true or false.

☛ Also Check: NCERT Solutions for Class 7 Maths Chapter 8

NCERT Exemplar Class 7 Maths Chapter 7 Problem 74

If a bicycle was bought for ₹650 and sold for ₹585, then the percentage of profit is10. State whether the statement is true or false

Summary:

The given statement,”If a bicycle was bought for ₹650 and sold for ₹585, then the percentage of profit is 10” is false.

☛ Related Questions:

• Sushma sold her watch for ₹3320 at a gain of ₹320. For earning a gain of 10% she should have sold th . . . .
• Interest on ₹1200 for 1 1/2 years at the rate of 15% per annum is ₹180. State whether the statement . . . .
• Amount received after depositing ₹800 for a period of 3 years at the rate of 12% per annum is ₹896. . . . .