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Profit and Loss
The cost price of 10 pens is equal to the selling price of 12 pens. Find his gain % or loss %.
Explanation and memory cue
Given that the cost price (C.P) of 10 pens is equal to the selling price (S.P) of 12 pens, the selling price of one pen is less than its cost price, indicating a loss. Calculation: Let the cost price of one pen be C.P = x. Then, cost price of 10 pens = 10x. Selling price of 12 pens = 10x (given equal to cost price of 10 pens). So, selling price of one pen = (10x) / 12 = (5x) / 6. Loss per pen = C.P - S.P = x - (5x/6) = x/6. Loss percentage = (Loss / C.P) * 100 = (x/6) / x * 100 = 100/6 = 16 2/3 % loss. Therefore, the correct answer is option C: 16 2/3% loss.