# Mike sold two horses for Rs 18000 each. On one he got a profit of 20% and on the other he lost 20%. Find his total gain or loss.

Last updated date: 18th Mar 2023

•

Total views: 307.2k

•

Views today: 6.85k

Answer

Verified

307.2k+ views

Hint: Here, we have to find the total selling price of the two horses and then compare it with the total cost price of those two horses to determine the net profit/loss.

Given, Cost price of each horse is ${\text{C}}{\text{.P.}} = 18000$

Profit percentage on selling first horse is $20\% $

Loss percentage on selling second horse is $20\% $

Since, \[{\text{Amount of profit or loss}} = \dfrac{{{\text{Profit or loss percentage}}}}{{100}} \times \left( {{\text{C}}{\text{.P}}} \right)\]

Amount of profit gained by selling first horse = $\dfrac{{20}}{{100}} \times \left( {18000} \right) = {\text{Rs }}3600$

Amount of loss occurred by selling second horse = $\dfrac{{20}}{{100}} \times \left( {18000} \right) = {\text{Rs }}3600$

Also we know that when profits occurs, ${\text{S}}{\text{.P.}} = {\text{C}}{\text{.P.}} + {\text{Amount of profit gained}}$

and when loss occurs, ${\text{S}}{\text{.P.}} = {\text{C}}{\text{.P.}} - {\text{Amount of loss occurred}}$

Using above formulas, we can write

For selling the first horse (profit occurs), ${\left( {{\text{S}}{\text{.P.}}} \right)_1} = 18000 + 3600 = {\text{Rs 21600}}$

For selling the second horse (loss occurs), ${\left( {{\text{S}}{\text{.P.}}} \right)_2} = 18000 - 3600 = {\text{Rs }}14400$

Now, Total cost price of two horses is ${\left( {{\text{C}}{\text{.P.}}} \right)_{\text{T}}} = 2 \times \left( {{\text{Cost price of each horse}}} \right) = 2 \times 18000 = {\text{Rs }}36000$

Total selling price of two horses is ${\left( {{\text{S}}{\text{.P.}}} \right)_{\text{T}}} = {\left( {{\text{S}}{\text{.P.}}} \right)_1} + {\left( {{\text{S}}{\text{.P.}}} \right)_2} = 21600 + 14400 = {\text{Rs 36000}}$

Clearly, we can see that the selling price of the two horses is equal to the cost price of those two horses which indicates in total there is neither profit nor loss.

So, Mike has gained or lost nothing.

Note: In these types of problems, the total cost price of all the items is compared with the total selling price of all the items. If the selling price is higher than the cost price, then profit occurs and if the cost price is higher than selling price then loss has occurred and if both selling price and cost price are equal then neither profit nor loss occurs.

Given, Cost price of each horse is ${\text{C}}{\text{.P.}} = 18000$

Profit percentage on selling first horse is $20\% $

Loss percentage on selling second horse is $20\% $

Since, \[{\text{Amount of profit or loss}} = \dfrac{{{\text{Profit or loss percentage}}}}{{100}} \times \left( {{\text{C}}{\text{.P}}} \right)\]

Amount of profit gained by selling first horse = $\dfrac{{20}}{{100}} \times \left( {18000} \right) = {\text{Rs }}3600$

Amount of loss occurred by selling second horse = $\dfrac{{20}}{{100}} \times \left( {18000} \right) = {\text{Rs }}3600$

Also we know that when profits occurs, ${\text{S}}{\text{.P.}} = {\text{C}}{\text{.P.}} + {\text{Amount of profit gained}}$

and when loss occurs, ${\text{S}}{\text{.P.}} = {\text{C}}{\text{.P.}} - {\text{Amount of loss occurred}}$

Using above formulas, we can write

For selling the first horse (profit occurs), ${\left( {{\text{S}}{\text{.P.}}} \right)_1} = 18000 + 3600 = {\text{Rs 21600}}$

For selling the second horse (loss occurs), ${\left( {{\text{S}}{\text{.P.}}} \right)_2} = 18000 - 3600 = {\text{Rs }}14400$

Now, Total cost price of two horses is ${\left( {{\text{C}}{\text{.P.}}} \right)_{\text{T}}} = 2 \times \left( {{\text{Cost price of each horse}}} \right) = 2 \times 18000 = {\text{Rs }}36000$

Total selling price of two horses is ${\left( {{\text{S}}{\text{.P.}}} \right)_{\text{T}}} = {\left( {{\text{S}}{\text{.P.}}} \right)_1} + {\left( {{\text{S}}{\text{.P.}}} \right)_2} = 21600 + 14400 = {\text{Rs 36000}}$

Clearly, we can see that the selling price of the two horses is equal to the cost price of those two horses which indicates in total there is neither profit nor loss.

So, Mike has gained or lost nothing.

Note: In these types of problems, the total cost price of all the items is compared with the total selling price of all the items. If the selling price is higher than the cost price, then profit occurs and if the cost price is higher than selling price then loss has occurred and if both selling price and cost price are equal then neither profit nor loss occurs.

Recently Updated Pages

If abc are pthqth and rth terms of a GP then left fraccb class 11 maths JEE_Main

If the pthqth and rth term of a GP are abc respectively class 11 maths JEE_Main

If abcdare any four consecutive coefficients of any class 11 maths JEE_Main

If A1A2 are the two AMs between two numbers a and b class 11 maths JEE_Main

If pthqthrth and sth terms of an AP be in GP then p class 11 maths JEE_Main

One root of the equation cos x x + frac12 0 lies in class 11 maths JEE_Main

Trending doubts

What was the capital of Kanishka A Mathura B Purushapura class 7 social studies CBSE

Difference Between Plant Cell and Animal Cell

Write an application to the principal requesting five class 10 english CBSE

Ray optics is valid when characteristic dimensions class 12 physics CBSE

Give 10 examples for herbs , shrubs , climbers , creepers

Tropic of Cancer passes through how many states? Name them.

Write the 6 fundamental rights of India and explain in detail

Write a letter to the principal requesting him to grant class 10 english CBSE

Name the Largest and the Smallest Cell in the Human Body ?