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Math Help - Profit & Loss

  1. #1
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    Question Profit & Loss

    I have got the following profit & loss problem:

    Ron sold a watch to Sam at a gain of 10% & Sam sold it to Mike at a loss of 10%. If Mike paid $990 for it, find the price paid by Ron.

    Can someone please help me out with this? Please show me the steps to do it.

    Thanks
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  2. #2
    Senior Member furor celtica's Avatar
    Joined
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    A x 1.1 =B
    B x 0.9 = 990

    so B = 990/0.9 = 1100
    so A = 1100/1.1 = 1000

    A is the price Ron bought the watch for, B is the price Sam bought the watch for (A + 10%, also written as A x 110% since A = 100% of A)
    in the same way B x 0.9 (90%) is $990, the price paid by Mike

    so Ron paid $1000 for the watch
    Sam got ripped off
    Mike made a good deal

    you can thank me now kid
    Last edited by mr fantastic; January 25th 2010 at 01:41 AM. Reason: Merged posts
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