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A lady sold two small investment properties, A and B, for $24,000 each

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A lady sold two small investment properties, A and B, for $24,000 each  [#permalink]

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New post 02 Dec 2014, 09:13
1
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A
B
C
D
E

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Question Stats:

88% (01:54) correct 12% (01:55) wrong based on 39 sessions

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Tough and Tricky questions: Word Problems.



A lady sold two small investment properties, A and B, for $24,000 each. If she sold property A for 20 percent more than she paid for it, and sold property B for 20 percent less than she paid for it, then, in terms of the net financial effect of these two investments (excluding taxes and expenses), we can conclude that the lady

A) broke even
B) had an overall gain of $1,200
C) had an overall loss of $1,200
D) had an overall gain of $2,000
E) had an overall loss of $2,000

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Re: A lady sold two small investment properties, A and B, for $24,000 each  [#permalink]

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New post 02 Dec 2014, 10:14
Let's look at the investments individually.

A was sold for 20% more than it was bought for. This means $24,000 equals 120% of the buy price (means she bought it for $20,000).
B was sold for 20% less than it was bought for. This means $24,000 equals 80% of the buy price (means she bought it for $30,000).

Overall, she bought for $50,000 and sold for $48,000--netting a loss of $2,000.

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Re: A lady sold two small investment properties, A and B, for $24,000 each  [#permalink]

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New post 02 Dec 2014, 20:10
Answer = E) had an overall loss of $2,000

Cost Price of 20% profit property \(= 24000 * \frac{100}{120} = 20000\)

Cost Price of 20% loss property\(= 24000 * \frac{100}{80} = 30000\)

Total cost price = 30000+20000 = 50000

Total sales price = 24000*2 = 48000

Loss = 50000-48000 = 2000
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Re: A lady sold two small investment properties, A and B, for $24,000 each  [#permalink]

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New post 28 Dec 2017, 03:27
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: A lady sold two small investment properties, A and B, for $24,000 each &nbs [#permalink] 28 Dec 2017, 03:27
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