A shopkeeper sells a product at some loss(not loss%). If he reduces the selling price of the product by 5 percent, his loss would increase by 4 percent (of the loss). Is. At what loss% does he sell his product? (Note- Options are rounded to the nearest number)

Correct option is C

Given:
The shopkeeper sells the product at some loss.
If the shopkeeper reduces the selling price by 5%, his loss increases by 4%.
Formula Used:
Loss = Cost price - Selling price
Solution:
Let be assume cost price of product is C and selling price of product is S and loss is L
=> L = C - S
=> 1.04L = C - 0.95S
=> 1.04L = C - 0.95 × (C - L)
=> 0.09L = 0.05C
=> L = $$\frac{0.05}{0.09} \times C = 0.5555 \times C$$​​
=> L% = 55.55%