Quantitative Aptitude Profit and Loss Successive Selling

Sumit purchased an item for Rs. 6500 and sold it at the gain of 24%. From that amount, he purchased another item and sold it at a loss of 20%. What is his overall gain/loss?

1

Loss of Rs. 42

2

Gain of Rs. 42

3

Loss of Rs. 52

4

Neither gain nor loss

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