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

Let The Cost Price for the first pipe be "x" Dollars

Selling Price = x + 20% of x 
1.20 = x + 20x / 100
1.20 = x + x/5
1.20 = (5x + x)/5
1.20 * 5 = 6x
6 = 6x
x = 1 Dollar

So ,
Cost Price of The Pipe in Which Mr. Jones Got Profit of 20% = 1 Dollar

Let The Cost Price Of The Second Pipe be "y" dollar

Selling Price of second Pipe = y - 20% of y
1.20 = y - 20y/100
1.20 = y - y/5
1.20 = (5y - y)/5
1.20 * 5 =4y
6 = 4y
y = 6/4
y = 3/2
y = 1.5 Dollars 

Total Cost Price Which Mr Jones Paid = 1 + 1.5
                                                                 = 2.5 Dollars

Total Selling Price Which Mr Jones Received = 1.2 + 1.2
                                                                             = 2.4 Dollar

Mr. Jones Lost 10 cents
so,

ANSWER = (d) = lost 10 cents 

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Answer 2

Solution = 

20 % profit on $ 1.20

= $ 20/100 × 1.20

= $ 0.20 × 1.20

= $ 0.24

Similarly, 20 % loss on $ 1.20

= $ 20/100 × 1.20

= $ 0.20 × 1.20

= $ 0.24

Therefore, in one pipe his profit is $ 0.24 and in the other pipe his loss is $ 0.24.

Since both profit and loss amount is same so, it’s broke even.