Turn on thread page Beta
    • Thread Starter
    Offline

    3
    ReputationRep:
    "Arthur Weekly sold two quality used cars for £9999 each. On one he made a 10% profit and on the other a 10% loss. What was his overall profit or loss over the two transactions?"
    The answer's supposed to be a loss of £202 but I can't get it, help pls?
    Offline

    2
    ReputationRep:
    (Original post by selenacxoxo)
    "Arthur Weekly sold two quality used cars for £9999 each. On one he made a 10% profit and on the other a 10% loss. What was his overall profit or loss over the two transactions?"
    The answer's supposed to be a loss of £202 but I can't get it, help pls?
    To work out the 10% profit, you have to do 9999/1.1=9090 Then do 9999-9090 to get the profit which it 909 pounds. Afteer that you know he makes a 10% loss on one so 9999 pounds is 90% of the original price of the car.. Imagine the original price of the care he sold at a loss os 'x'. that would mean that 0.9x=9999. So 9999/0.9 would give the original price of the car, 11110 pounds. 9999-11110=-1111 loss. 909+-1111=-202 pound profit.
    Offline

    9
    ReputationRep:
    (Original post by selenacxoxo)
    "Arthur Weekly sold two quality used cars for £9999 each. On one he made a 10% profit and on the other a 10% loss. What was his overall profit or loss over the two transactions?"
    The answer's supposed to be a loss of £202 but I can't get it, help pls?
    Okay so basically do what the other person had said, but I'd like to simplify this myself...
    Lets call the car which he had profited 10 % = A :
    £9999 = 10 + 100 = 110 %
    £x = 100 %
    To find 100% = (9999 x 100) / 110
    Which gives = £9090 (Original cost)
    From this we can see he has earned a profit of (9999-9090) = £909 (Profit)

    Now let's look at the car where he had a loss of 10 % =Car B
    £9999 = 100 - 10 = 90 %
    £x = 100 %
    To find 100 % = ( 9999 x 100 ) / 90
    = £11110 (Original cost)
    The loss here is 11110 - 9999 = £1111 (Therefore this is the amount lost)

    To find the overall loss or profit:
    909-1111 = -£202
    • Thread Starter
    Offline

    3
    ReputationRep:
    Thanksssss, this helped a lot
    Offline

    11
    ReputationRep:
    Worked solution

    1. Recall that Total Profit = Total Revenue - Total Costs
    2. Recall that Losses = a negative Profit
    3. 10% is profit, so \frac{110}{100}\ * cost of car is what the first car sold for.
    4. 10% is loss, so \frac{90}{100}\ * cost of car is what the second car sold for.

    \frac{110}{100}\ * cost of first car = £9,999 revenue
    \frac{90}{100}\ * cost of second car = £9,999 revenue

    ∴ the cost of the first car is \frac{GBP\ 9,999}{\frac{110}{100}} = \frac{GBP\ 9,999}{1.1} = £9,090

    the cost of the second car is \frac{GBP\ 9,999}{\frac{90}{100}} = \frac{GBP\ 9,999}{0.9} = £11,110


    5. The profit on the first car = Total Revenue - Total Costs = £9,999 - £9,090 = £909
    6. The profit on the second car = Total Revenue - Total Costs = £9,999 - £11,110 = - £1,111

    ∴ Total Profit = £909 + (-£1,111) = - £202

    EDIT - I'm giving up trying to make it this post look pretty.
 
 
 

2,254

students online now

800,000+

Exam discussions

Find your exam discussion here

Poll
Should predicted grades be removed from the uni application process
Useful resources

Study tools

Rosette

Essay expert

Learn to write like a pro with our ultimate essay guide.

Thinking about uni already?

Thinking about uni already?

See where you can apply with our uni match tool

Student chat

Ask a question

Chat to other GCSE students and get your study questions answered.

Creating

Make study resources

Create all the resources you need to get the grades.

Planner

Create your own Study Plan

Organise all your homework and exams so you never miss another deadline.

Resources by subject

From flashcards to mind maps; there's everything you need for all of your GCSE subjects.

Papers

Find past papers

100s of GCSE past papers for all your subjects at your fingertips.

Help out other students

Can you help? Study help unanswered threads

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.