Question

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

Answer:

Step-by-step explanation:

Solution:

Selling price of the first pipe = $1.20

Profit = 20%

Let’s try to find the cost price of the first pipe

CP = Selling price - Profit

CP = 1.20 - 20% of CP

CP = 1.20 - 0.20CP

CP + 0.20CP = 1.20

1.20CP = 1.20

CP = 1.20/1.20

CP = $ 1

Selling price of the Second pipe = $1.20

Loss = 20%

Let’s try to find the cost price of the second pipe

CP = Selling price + Loss

CP = 1.20 + 20% of CP

CP = 1.20 + 0.20CP

CP - 0.20CP = 1.20

0.80CP = 1.20

CP = 1.20/0.80

CP = $1.50

Therefore, total cost price of the two pipes = $1.00 + $1.50 = $2.50

And total selling price of the two pipes = $1.20 + $1.20 = $2.40

Loss = $2.50 – $2.40 = $0.10

Therefore, Mr. Jones loss 10 cents.

Answer:  (d)

Answer 2

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