Which is the correct formula for Simple Interest? P=Irt I=Prt t=PIr r=PIt
2 answers:
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No Alan did not break even
Alan incured a loss of 6.25 %
<em><u>Solution:</u></em>
Given that,
Alan bought two bikes
He sold one to Beth for $300 taking a 25% loss
He also sold one to Greta for $300 making a 25% profit
When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss
Which is given as:
Here, x = 25
Thus the loss percentage is 6.25 %