Select the correct answerA person sold two articles for 1200 each; he made a profit of 20% and a loss of 20% on the other. What will be the overall profit or loss in percentage?OptionsCannot be determinedNo Profit No lossProfit 4%Loss 4%
Question
Select the correct answerA person sold two articles for 1200 each; he made a profit of 20% and a loss of 20% on the other. What will be the overall profit or loss in percentage?OptionsCannot be determinedNo Profit No lossProfit 4%Loss 4%
Solution 1
The answer is "Loss 4%". Here's why:
Let's assume the cost price of the first article is x. So, selling price of the first article (with 20% profit) is 120% of x, which is 1.2x.
Similarly, let's assume the cost price of the second article is y. So, selling price of the second article (with 20% loss) is 80% of y, which is 0.8y.
Given that both articles are sold for 1200 each, we have:
1.2x = 1200 and 0.8y = 1200
From these, we can find x = 1000 and y = 1500.
So, the total cost price is x + y = 1000 + 1500 = 2500 And the total selling price is 2 * 1200 = 2400
Therefore, the loss is (cost price - selling price) / cost price * 100 = (2500 - 2400) / 2500 * 100 = 4%
So, the overall loss is 4%.
Solution 2
To solve this problem, we need to understand that the percentage loss is always calculated on the cost price.
Let's assume the cost price of the first article is x. So, selling price of the first article = 120% of x = 1.2x (because of 20% profit).
Now, the selling price of the second article is given as 1200, which is 80% of the cost price (because of 20% loss). So, the cost price of the second article = 1200 / 0.8 = 1500.
The total cost price = x + 1500 and total selling price = 1.2x + 1200.
But we know that 1.2x = 1200 (from the selling price of the first article), so x = 1000.
Therefore, the total cost price = 1000 + 1500 = 2500 and total selling price = 1200 + 1200 = 2400.
So, there is a loss of 100 on a total cost price of 2500.
The loss percentage = (Loss / Total Cost Price) * 100 = (100 / 2500) * 100 = 4%.
So, the correct answer is "Loss 4%".
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