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Mr.Joe bought two plots and asks his two children, Prince& Cherry, to

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Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post Updated on: 31 Jan 2019, 23:56
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Mr.Joe bought two plots and asks his two children, Prince& Cherry, to sell them. Both sold the plots at the same price of $9100 each. Mr. Joe got a profit of 30% on the plot sold by Prince and loss of 30% on the plot sold by Cherry. If expenses are disregarded, what was the overall profit or loss on the two plots sold?

A.$1000 Profit
B.$1200 Loss
C.$1800 Profit
D.$1800 Loss
E. None of these

Originally posted by akurathi12 on 31 Jan 2019, 09:09.
Last edited by akurathi12 on 31 Jan 2019, 23:56, edited 1 time in total.
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 23 Feb 2019, 05:50
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akurathi12 wrote:
Mr.Joe bought two plots and asks his two children, Prince& Cherry, to sell them. Both sold the plots at the same price of $9100 each. Mr. Joe got a profit of 30% on the plot sold by Prince and loss of 30% on the plot sold by Cherry. If expenses are disregarded, what was the overall profit or loss on the two plots sold?

A.$1000 Profit
B.$1200 Loss
C.$1800 Profit
D.$1800 Loss
E. None of these


30% profit
hence, 130% of X(CP for Prince)=9100
Gives X=7000

30% Loss
Hence, 70% of Y(CP for Cherry)=9100
Gives Y=13000

Cost price of total: 20000
A selling price of total: 18200 (9100x2)

CP-SP: Loss
20000 - 18200 = 1800(Loss)

Hope it Helps!!!
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 31 Jan 2019, 10:55
Could someone please elaborate? I have to admit I dont really get this question...
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 31 Jan 2019, 11:19
question looks incomplete
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 31 Jan 2019, 12:24
Either the question is incomplete or the answer is E.
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 31 Jan 2019, 23:57
Arro44 wrote:
Could someone please elaborate? I have to admit I dont really get this question...


Sorry corrected the question now.
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 02 Feb 2019, 09:14
1
akurathi12 wrote:
Mr.Joe bought two plots and asks his two children, Prince& Cherry, to sell them. Both sold the plots at the same price of $9100 each. Mr. Joe got a profit of 30% on the plot sold by Prince and loss of 30% on the plot sold by Cherry. If expenses are disregarded, what was the overall profit or loss on the two plots sold?

A.$1000 Profit
B.$1200 Loss
C.$1800 Profit
D.$1800 Loss
E. None of these


Inline is my approach

Successive % change can be applied since the SP is same
30 -30 -900/100
=-9%

This means that it will be a loss, A and C out

9% of 18200
$ 1628

This is nearer to D
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 24 Feb 2019, 02:27
1
When two items are sold at the same price, one at a profit of a% and one at a loss of a%, the overall result will always be a loss of [a/10]^2.
In this case, there will be a loss of [30/10]^2 i.e. 9 % loss.
Now, total SP = 9100*2 = 18200, therefore CP = (18200/.91) = 20000.
Thus overall loss = CP - SP = 20000-18200 = 1800
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 24 Feb 2019, 02:30
KanishkM wrote:
akurathi12 wrote:
Mr.Joe bought two plots and asks his two children, Prince& Cherry, to sell them. Both sold the plots at the same price of $9100 each. Mr. Joe got a profit of 30% on the plot sold by Prince and loss of 30% on the plot sold by Cherry. If expenses are disregarded, what was the overall profit or loss on the two plots sold?

A.$1000 Profit
B.$1200 Loss
C.$1800 Profit
D.$1800 Loss
E. None of these


Inline is my approach

Successive % change can be applied since the SP is same
30 -30 -900/100
=-9%

This means that it will be a loss, A and C out

9% of 18200
$ 1628

This is nearer to D


The SP is 18200 after incurring a loss fo 9%.
CP would be 18200/.91 = 20000, therefore loss of 20000-18200 = 1800
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to  [#permalink]

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New post 20 Mar 2019, 20:53
when there is same percent of profit and loss total outcome is loss of (a/10)^2.
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Re: Mr.Joe bought two plots and asks his two children, Prince& Cherry, to   [#permalink] 20 Mar 2019, 20:53
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