Question

3. Mr. Jones sold two pipes at $1.20 each. Based on the cost, his profit one was 20% and his loss on the other was 20%. On the sale of the pipes, he:
(a) broke even
(b) lost 4 cents
(c) gained 4 cents
(d) lost 10 cents
(e) gained 10 cents

Please answer with explanation :)

Answer 1

Hey!

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Solution:

So he got a 20% profit on $1.20.

20% of 1.20 → 0.2 x 1.20 → 0.24

Same thing goes with 20% loss.

20% of 1.20 → 0.2 x 1.20 → 0.24

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Answer:

On the sale of the pipes, he gained a profit of $0.24 and lost a profit of $0.24, so the sale is (a) broke even.

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Hope This Helps :)