On the final day of his close-out sale, a merchant hastily disposed of two lamps at the bargain price of twelve dollars apiece. He estimated that he must have made some profit on the combined transactions since he made a 25 per cent profit on one and only took a 20 per cent loss on the other. Was he correct in his quick estimate?
Solution :
No.
$12.00 is 125% of $9.60--$2.40 profit
$12.00 is 80% of $15.00--$3.00 loss
He will $0.60 net loss. -QED-
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