I brought sox pencil at 5kobo each but sold them at 3kobo each. What was my percentage loss?

Answer 1

To find the percentage loss, we can use the formula:

Percentage Loss = (Cost Price - Selling Price) / Cost Price * 100

Cost Price = 5 kobo
Selling Price = 3 kobo

Percentage Loss = (5 - 3) / 5 * 100 = 2/5 * 100 = 40/5 = 8

Therefore, your percentage loss is 8%.