A pair bought a basket of oranges for #120 and sold it for #80 due to the fact that most of the oranges have spoiled. Find the percentage gain or loss
To find the percentage gain or loss, we first need to determine the difference between the buying price and the selling price. In this case, the difference is #120 - #80 = #40.
Next, we need to determine whether this is a gain or a loss. Since they sold the basket for a lower price than they bought it for, it is a loss.
To find the percentage loss, we divide the loss by the buying price and multiply by 100.
Percentage loss = (loss / buying price) * 100
= (#40 / #120) * 100
= 0.33333 * 100
= 33.33%
Therefore, the percentage loss is 33.33%.