New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    A man buys two cows for a total of $4,000. He sells one

    at a 20% profit and the other at a 20% loss. If the selling prices of both cows are the same, find the cost price of each cows.
    A $2000 and $2000 Correct Answer Incorrect Answer
    B $1600 and $2400 Correct Answer Incorrect Answer
    C $2800 and $1200 Correct Answer Incorrect Answer
    D $1500 and $2500 Correct Answer Incorrect Answer
    E $3200 and $800 Correct Answer Incorrect Answer

    Solution

    Let the cost price of the first cow be x. Then the cost price of the second cow will be (4000 – x) Selling price of the first cow = 120% of x Selling price of the second cow = 80% of (4000 - x) Given that both selling prices are the same: 120% of x = 80% of (4000 - x) 3x = 2(4000-x) 3x = 8000-2x 5x = 8000 x = 1600 4000-x = 4000-1600 = 2400

    Practice Next