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A man sold 2 watches, one at a profit of 10% and the other

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Manager
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Joined: 28 Jun 2004
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A man sold 2 watches, one at a profit of 10% and the other [#permalink] New post 23 Aug 2004, 16:18
A man sold 2 watches, one at a profit of 10% and the other at a lost of 10%. If the selling prices of both were the same, how much percent did he gain or loose on the whole?
Joined: 31 Dec 1969
Location: United States
Concentration: Marketing, Other
GMAT 1: 710 Q49 V38
GMAT 2: 660 Q V
GPA: 3.64
WE: Accounting (Accounting)
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 [#permalink] New post 23 Aug 2004, 17:15
Let SP = 100

CP1 = (100/111)*100 = 1000/11 = 90.909

CP2 = (100/90)*100 = 1000/9 = 111.111

Total CP = CP1+CP2 = 202.02
Total SP = 100 +100 = 200

Net loss = (2.02/202)*100 = 1%
Manager
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 [#permalink] New post 23 Aug 2004, 17:18
Cool. I actually assumed the selling price as x and solved from there. But I am quickly finding out that substituting numbers can really speed up the calculations.
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 [#permalink] New post 23 Aug 2004, 17:33
the guest was me....sorry i forget to login always..

Incidcentally, there is a better shortcut to approach such problems..
If two articles are sold at the same price (same SP, S), one at a profit of p% and another at a loss of p%, the NET LOSS is given by (p^2/100)%.,

The amount of of net loss = (2.p^2.S)/(100^2-p^2). If you can remember these two formulae, you can gain more time.
  [#permalink] 23 Aug 2004, 17:33
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A man sold 2 watches, one at a profit of 10% and the other

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