Hi , I need help on this
Mr Lee bought a flat at $540,000 and he sold it to Mr Ong at a loss . Mr Ong then sold it at a profit to Mr Tan at $535,000. If the loss percentage on the cost of Mr Lee is equal to the percentage profit of Mr Ong on his cost, find the price Mr Ong paid for the flat . Thank You
Profit/ Loss Q
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gijg  YellowBelt
 Posts: 14
 Joined: Mon Aug 08, 2011 2:26 pm
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Re: Profit/ Loss Q
by Jtutor » Fri Sep 28, 2012 5:26 pm
Hi gijg,
I just joined as a newbie yesterday so I guess it might be too late for the solution you wanted. Nevermind I'm happy to share my workings as follow:
Let x be the % of loss or profit.
1st selling price (at a loss of x%) = (100x)/100 * 540,000 = 5400 (100x)
2nd selling price (at a profit of x%) = [5400 (100x)/ 100] * (100+x) = 535,000
Simplify: 54 (100^2  x^2) = 535,000
Solve for x => 9.62%
Hence, price that Mr Ong paid (1st selling price) => $488,052
Hope the above helps!
I just joined as a newbie yesterday so I guess it might be too late for the solution you wanted. Nevermind I'm happy to share my workings as follow:
Let x be the % of loss or profit.
1st selling price (at a loss of x%) = (100x)/100 * 540,000 = 5400 (100x)
2nd selling price (at a profit of x%) = [5400 (100x)/ 100] * (100+x) = 535,000
Simplify: 54 (100^2  x^2) = 535,000
Solve for x => 9.62%
Hence, price that Mr Ong paid (1st selling price) => $488,052
Hope the above helps!

Jtutor  OrangeBelt
 Posts: 42
 Joined: Thu Sep 27, 2012 2:08 pm
 Total Likes: 0
Re: Profit/ Loss Q
by Jtutor » Fri Sep 28, 2012 5:34 pm
Oh I forgot to add a note:
The above type of P/L qns typically require a clear understanding of how to apply the cost base (ie 100%) correctly, and changing the base appropriately.
Pls feel free to let me know if I can be of any further help. I'll try my best to respond ASAP.
Cheers!
The above type of P/L qns typically require a clear understanding of how to apply the cost base (ie 100%) correctly, and changing the base appropriately.
Pls feel free to let me know if I can be of any further help. I'll try my best to respond ASAP.
Cheers!

Jtutor  OrangeBelt
 Posts: 42
 Joined: Thu Sep 27, 2012 2:08 pm
 Total Likes: 0
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