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%.
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
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