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