Given below are 2 statements: Statement I: An article of Rs. 500 sold for Rs. 400 earned a loss of 5%. Statement II: To earn 8% profit, an article of Rs. 600 was sold for Rs. 648. In light of the above statements, choose the correct option given below.
Statement I is false but statement II is true
For statement I, loss \(=500-400=100\), so loss percent \(=\frac{100}{500}\times100=20\%\), not \(5\%\), so statement I is false. For statement II, an \(8\%\) profit on Rs. 600 gives a selling price of \(600\times1.08=648\), which matches, so statement II is true.
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