Difference between revisions of "1956 AHSME Problems/Problem 2"
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== Solution == | == Solution == | ||
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+ | For the first pipe, we are told that his profit was 20%. In other words, he sold the pipe for 120% or <math>\frac{6}{5}</math> of its original value. This tells us that the original price was <math>\frac{5}{6}\cdot1.20 = \$1.00</math>. | ||
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+ | For the second pipe, we are told that his loss was 20%. In other words, he sold the pipe for 80% or <math>\frac{4}{5}</math> of its original value. This tells us that the original price was <math>\frac{5}{4}\cdot1.20 = \$1.50</math>. | ||
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+ | Thus, his total cost was <math>\$2.50</math> and his total revenue was <math>\$2.40</math>. | ||
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+ | Therefore, he <math>\boxed{\textbf{(D)}\ \text{lost }10\text{ cents}}</math>. | ||
== See Also == | == See Also == | ||
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+ | {{AHSME 50p box|year=1956|num-b=1|num-a=3}} | ||
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+ | [[Category:Introductory Algebra Problems]] | ||
+ | {{MAA Notice}} |
Latest revision as of 16:01, 14 March 2023
Problem #2
Mr. Jones sold two pipes at each. Based on the cost, his profit on one was
% and his loss on the other was %. On the sale of the pipes, he:
Solution
For the first pipe, we are told that his profit was 20%. In other words, he sold the pipe for 120% or of its original value. This tells us that the original price was .
For the second pipe, we are told that his loss was 20%. In other words, he sold the pipe for 80% or of its original value. This tells us that the original price was .
Thus, his total cost was and his total revenue was .
Therefore, he .
See Also
1956 AHSC (Problems • Answer Key • Resources) | ||
Preceded by Problem 1 |
Followed by Problem 3 | |
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All AHSME Problems and Solutions |
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