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

Answer 1

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Solution:

Income from $ 4000 at 5 % in one year = $ 4000 of 5 %.

= $ 4000 × 5/100.

= $ 4000 × 0.05.

= $ 200.

Income from $ 3500 at 4 % in one year = $ 3500 of 4 %.

= $ 3500 × 4/100.

= $ 3500 × 0.04.

= $ 140.

Total income from 4000 at 5 % and 3500 at 4 % = $ 200 + $ 140 = $ 340.

Remaining income amount in order to have a yearly income of $ 500 = $ 500 - $ 340.

= $ 160.

Total invested amount = $ 4000 + $ 3500 = $7500.

Remaining invest amount = $ 10000 - $ 7500 = $ 2500.

We know that, Interest = Principal × Rate × Time

Interest = $ 160,

Principal = $ 2500,

Rate = r [we need to find the value of r],

Time = 1 year.

160 = 2500 × r × 1.

160 = 2500r

160/2500 = 2500r/2500 [divide both sides by 2500]

0.064 = r

r = 0.064

Change it to a percent by moving the decimal to the right two places r = 6.4 %

Therefore, he invested the remaining amount $ 2500 at 6.4 % in order to get $ 500 income every year.

Answer: (e)

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Answer 2

Answer:

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For 1st pipes, S.P =1.20 , profit =20 %

C.P=S.P−profit

CP=1.20−20%×CP

∴120% CP=1.20

∴CP=1201.20×100

∴CP1=1.00

For 2nd=s.p+loss

CP=1.20+200 % CP

∴80% CP=1.20

∴CP=801.20×100

           =1.50

∴  Total CP=1.00+1.50=2.50

Total SP=1.20+1.20=2.40

∴ He suffered 10 paise loss.

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