w = wholesale, s = selling
w(1 + 4/3) = s
s(1 + x) = w
1 + x = w/s
x = w/s - 1
120(1 + 4/3) = 280
x = 120/280 - 1 = -.57142... : so loss of ~57%
Found this one confused a lot of people for the most obvious reasons.
Anyways, here it is:
"Bill sells suits for a living. He buys a suit and puts it on sale for 133 and 1/3 percent of it's wholesale price. Harry purchases this suit, only to find that it is too small. Harry then sells it back to Bill for the wholesale price. What is the percentage loss incurred by Harry?"
Post your solutions
Edit: note, percentage loss refers to the amount harry lost by selling it back for a lower price
Suppose wholesale price is $3.
133+1/3 percent of $3 is $4.
So if you sell at 133+1/3 percent of wholesale price, the sale price is $4.
If you increase by 133+1/3 percent, you increase by $4, and the sale price is $7.
Am I missing something?