SOLUTION: respected sir Q) a man sold two chairs for rs 500 each. on one he gained 20% and on the other ho loses 12%. find his net gain or loss percent?

Question 831097: respected sir
Q) a man sold two chairs for rs 500 each. on one he gained 20% and on the other ho loses 12%. find his net gain or loss percent?
Found 2 solutions by JulietG, josmiceli:
Answer by JulietG(1812) (Show Source): You can put this solution on YOUR website!
For the first chair:
500 = 120% of ? (100% + 20% profit)
Divide each side by 1.20
The chair initially cost 416.67
.
For the second chair:
500 = 88% of ? (100% - 12% loss)
Divide each side by 0.88
The chair initially cost 568.18
.
How much did he pay altogether for the chairs?
416.68 + 568.18 = 984.86
He sold them for 1000
His net profit then is 1000 - 984.86, or 15.14
.
What % of 984.86 is 15.14?
Divide by 984.86 to get 1.54% profit
.
At least he's in the black :-)

Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = the price he originally paid for the
chair that he made a 20% profit on
let = the price he originally paid for the
chair that he made a 12% profit on
---------------------------------
Equation for the 1st chair:

(1)
Equation for the 2nd chair:

(2)
------------------
(1)
(1)
and
(2)
(2)
-------------------
he paid a total of rs
He sold them for a total of rs
--------------
His profit was rs
His profit percent was
1.54%
----------
You can check my math. I believe my method is OK

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