Answer:
Percentage Gain = 12.5%
Step-by-step explanation:
Given
[tex]Cost\ Prize = 9.60[/tex] per dozen
[tex]Selling\ Price = 18[/tex] per 20
Required
Determine the percentage gain or loss
First, we have to calculate the unit cost price and the unit selling price.
If a dozen costs 9.60
Then 1 costs
[tex]Cost = 9.60/12[/tex]
[tex]Cost = 0.80[/tex]
If he sells 20 for 18
Then he sells 1 for:
[tex]Sell = 18/20[/tex]
[tex]Sell = 0.9[/tex]
The percentage change is then calculated as:
[tex]\%Change = \frac{Sell - Cost}{Cost} * 100\%[/tex]
[tex]\%Change = \frac{0.9 - 0.8}{0.8} * 100\%[/tex]
[tex]\%Change = \frac{0.1}{0.8} * 100\%[/tex]
[tex]\%Change = \frac{0.1 * 100\%}{0.8}[/tex]
[tex]\%Change = \frac{10\%}{0.8}[/tex]
[tex]\%Change = 12.5\%[/tex]
Because the percentage change is positive, then he made a gain.
Hence:
Percentage Gain = 12.5%
