A man I know runs a workshop in Calcutta. He bought two
lathes to use in his workshop. However, he found out afterwards that they did
not serve the purpose for which he had bought them, and so he decided to sell
them. He sold them each for Rs. 600 making a loss of 20% on one of them and a
profit of 20% on the other.
Did he lose or gain in the transaction, and how much did
each machine cost him?
Answer: He sold one for Rs. 600 losing 20% on the
transaction so, he must have paid Rs. 750 for the lathe and since he made 20%
profit on the other machine he must have bought it for Rs. 500. Therefore total
loss is of Rs. 50.
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