A man buys a article at 5 for #2,000 and sells them at #600 each. What is his profit percent?

1 answer

First, let's calculate the total cost of buying 5 articles at #2,000 per article:

Total cost = 5 articles * #2,000/article = #10,000

Next, let's calculate the total revenue from selling 5 articles at #600 per article:

Total revenue = 5 articles * #600/article = #3,000

Now, let's calculate the profit:

Profit = Total revenue - Total cost
Profit = #3,000 - #10,000 = #-7,000

To calculate the profit percent, we need to use the formula:

Profit percent = (Profit / Total cost) * 100

Substitute the values:

Profit percent = (-#7,000 / #10,000) * 100
Profit percent = -0.7 * 100
Profit percent = -70%

Therefore, the man has a 70% loss on his purchase and sale of the articles.