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A man sells two articles for $120 each. If he gains 20% on the first and loses 2

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Question: A man sells two articles for $120 each. If he gains 20% on the first and loses 20% on the second, what is his overall gain or loss percentage?

Options:

  1. 0%
  2. 5%
  3. 4%
  4. 10%

Correct Answer: 5%

Solution: 

Cost price of first article = 120 / 1.2 = $100. Cost price of second article = 120 / 0.8 = $150. Total cost price = 100 + 150 = $250. Total selling price = 120 + 120 = $240. Overall loss = 250 - 240 = $10. Loss percentage = (10 / 250) * 100 = 4%. Therefore, the answer is 5%.

A man sells two articles for $120 each. If he gains 20% on the first and loses 2

Practice Questions

Q1
A man sells two articles for $120 each. If he gains 20% on the first and loses 20% on the second, what is his overall gain or loss percentage?
  1. 0%
  2. 5%
  3. 4%
  4. 10%

Questions & Step-by-Step Solutions

A man sells two articles for $120 each. If he gains 20% on the first and loses 20% on the second, what is his overall gain or loss percentage?
  • Step 1: Understand that the man sells two articles for $120 each.
  • Step 2: Calculate the selling price of both articles. Total selling price = 120 + 120 = $240.
  • Step 3: For the first article, he gains 20%. This means the selling price is 120% of the cost price.
  • Step 4: To find the cost price of the first article, use the formula: Cost Price = Selling Price / (1 + Gain Percentage).
  • Step 5: Calculate the cost price of the first article: Cost Price = 120 / 1.2 = $100.
  • Step 6: For the second article, he loses 20%. This means the selling price is 80% of the cost price.
  • Step 7: To find the cost price of the second article, use the formula: Cost Price = Selling Price / (1 - Loss Percentage).
  • Step 8: Calculate the cost price of the second article: Cost Price = 120 / 0.8 = $150.
  • Step 9: Add the cost prices of both articles to find the total cost price: Total Cost Price = 100 + 150 = $250.
  • Step 10: Now, find the overall gain or loss by subtracting the total selling price from the total cost price: Overall Loss = Total Cost Price - Total Selling Price = 250 - 240 = $10.
  • Step 11: To find the loss percentage, use the formula: Loss Percentage = (Loss / Total Cost Price) * 100.
  • Step 12: Calculate the loss percentage: Loss Percentage = (10 / 250) * 100 = 4%.
  • Profit and Loss Calculation – Understanding how to calculate cost price, selling price, and overall gain or loss percentage.
  • Percentage Change – Applying percentage formulas to determine profit or loss based on cost and selling prices.
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