Profit/ Loss Q

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Profit/ Loss Q

Postby gijg » Thu Sep 13, 2012 9:03 pm

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

gijg
YellowBelt
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Re: Profit/ Loss Q

Postby 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%) = (100-x)/100 * 540,000 = 5400 (100-x)
2nd selling price (at a profit of x%) = [5400 (100-x)/ 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
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Re: Profit/ Loss Q

Postby 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!

Jtutor
OrangeBelt
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