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Rick sold his skis

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by figs » Tue Apr 07, 2009 9:41 am
Rick sold his skis for $160.00 and his ski boots for $96.00. He made a profit of 20% on his boots and took a 10% loss on his skis. He ended up with a
A. loss of $1.78
B. loss of $1.50
C. gain of $3.20
D. gain of $7.53
E. gain of $17.06
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by moutar » Tue Apr 07, 2009 9:57 am
20% profit on $96 = +$19.20
10% loss on $160 = -$16

Therefore overall profit/loss = +19.2 + -16 = +3.2

Gain of $3.20. C.
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My understanding ..

by syr » Tue Apr 07, 2009 12:43 pm
The question says Rick sold skis for $160.00. So this is the Selling Price.. right ? or atleast this was what I thought. So 10% loss would mean CP is $144.

Similarly, 20% profit on 96 means, he sold it for 96 but bought it for 76.8.

Is my reasoning flawed ?
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by pakaskwa » Tue Apr 07, 2009 4:05 pm
Let x and y be the cost for skis and boots.
x(1+0.2)=96 --> x=80
y((1-0.1)=160 --> y=177.78

Total cost = 80+177.78=257.78
Total sales = 160+96=256
Profit/Loss = Sales-Cost = 256-257.78 = -1.78

Losss of -$1.78. Answer is A.
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by figs » Wed Apr 08, 2009 12:10 am
OA A
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by moutar » Wed Apr 08, 2009 2:23 am
Oops. Didn't read the question.
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