A man sold two gifts at Rs.30 each. On one gift he gained 18%, and on the other gift he lost 18%. What is his overall gain/loss (in Rs)?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e Loss of Rs.2.00
The selling price of the first gift = Rs.30
The cost price of the first gift = 30 / 1.18
⇒ Rs.25.42
The selling price of the second gift = Rs.30
The cost price of the second gift = 30 / 0.82
⇒ Rs.36.58
Total cost price = 25.42 + 36.58
⇒ Rs.62.00
Total selling price = 30 + 30
⇒ Total loss = 60 - 62
⇒ - Rs.2
The negative sign signifies the loss.