Purchase price of first :
1.2x = 24000
x = 24000/1.2 = 20,000
purchase price of 2nd:
.8y = 24000
y = 24000/.8 = 30,000
total purchase price = 50,000
total selling price = 48.000
loss on investment = 50000-48000 = 2,000
check:
on first:
profit = 4000
percentage profit = 4000/20000 = .2 or 20%
on 2nd:
loss = 6000
percentage loss = 6000/3000 = .2 or 20%
As an invesment Mrs. Astor purchased 2 paintings. She later sold the two paintings for $24,000 each. On one painting she made a 20% profit, but on the other she esperienced a 20% loss. Mrs. Astor lost__________ on her investments in the 2 paintings.
1 answer
1 answer