Ramesh bought 10 cycles for 500 each. He spent 2,000 on the repair of all cycles. He sold five of them for 750 each and the remaining for 550 each. Then the total gain or loss % is

Gain of $8 \frac{1}{3} \% /$

Loss of $8 \frac{1}{3} \%$

Gain of $7 \frac{2}{3} \% /$

Loss of $7 \frac{1}{7} \%$

Answer : Option D

Explanation :

Total actual C.P.

= Rs. (500 × 10 + 2000) = Rs. 7000

Total S.P.

= Rs. (5 × 750 + 5× 550)

= Rs. (3750 + 2750) = Rs. 6500

Loss = 7000–6500 = Rs.500

Loss percent $=\frac{500}{7000} \times 100=\frac{50}{7}=7 \frac{1}{7} \%$