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Bobby bought two shares of stock, which he sold for $96

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Bobby bought two shares of stock, which he sold for $96 [#permalink] New post 22 Sep 2005, 20:59
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60% (02:06) correct 40% (02:05) wrong based on 68 sessions
Bobby bought two shares of stock, which he sold for $96 each. If he had a profit of 20% on one of the shares and a loss of 20% on the other share, then on the sale of both shares combined Bobby had:

A. A profit of $10
B. A profit of $8
C. A loss of $8
D. A loss of $10
E. Neither a profit nor a loss

OPEN DISCUSSION OF THIS QUESTION IS HERE: bobby-bought-2-shares-and-which-he-sold-for-96-each-if-he-106148.html
[Reveal] Spoiler: OA

Last edited by Bunuel on 24 Nov 2014, 05:27, edited 1 time in total.
Added the OA.
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Re: Bobby bought two shares of stock, which he sold for $96 [#permalink] New post 22 Sep 2005, 22:45
c) loss of $8

2 stocks x,y sold for $96 each

where 96=x+x/5 and 96 = y-y/5

x=80, y=120

x+y=200

stock sold for 96*2=192, therefore loss of $8
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Re: Bobby bought two shares of stock, which he sold for $96 [#permalink] New post 23 Sep 2005, 01:10
If you are running out of time on this sort of question:

when it is worded this way round you always make a loss.
so you only have to guess between two options not five.
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Re: Bobby bought two shares of stock, which he sold for $96 [#permalink] New post 23 Sep 2005, 03:22
IT's C,

we have 0.8x=96 ->x=120 -> Loss -24
and 1.2x=96 ->x=80 -> Profit +16

Subtraction yields -8 i.e C
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Re: Bobby bought two shares of stock, which he sold for $96 [#permalink] New post 24 Nov 2014, 02:44
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Re: Bobby bought two shares of stock, which he sold for $96 [#permalink] New post 24 Nov 2014, 05:27
Expert's post
Bobby bought 2 shares, and which he sold for $96 each. If he had a profit of 20% on the sale of one of the shares but a loss of 20% on the sale of the other share, then on the sale of both shares Bobby had...

A) a profit of 10
B) a profit of 8
C) a loss of 8
D) a loss of 10
E) neither a profit nor a loss

Cost of the first stock: 96/1.2=80, so profit from it 96-80=16
Cost of the second stock: 96/0.8=120, so loss from it 96-120=-24

Overall loss 16-24=-8

Answer: C.

OPEN DISCUSSION OF THIS QUESTION IS HERE: bobby-bought-2-shares-and-which-he-sold-for-96-each-if-he-106148.html
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Re: Bobby bought two shares of stock, which he sold for $96   [#permalink] 24 Nov 2014, 05:27
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