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Math

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As an invesment Mrs. Astor purchased 2 paintings. She later sold the two paintings for $24,000 each. On one painting she made a 20% profit, but on the other she esperienced a 20% loss. Mrs. Astor lost__________ on her investments in the 2 paintings.

  • Math - ,

    Purchase price of first :
    1.2x = 24000
    x = 24000/1.2 = 20,000

    purchase price of 2nd:
    .8y = 24000
    y = 24000/.8 = 30,000

    total purchase price = 50,000
    total selling price = 48.000

    loss on investment = 50000-48000 = 2,000


    check:
    on first:
    profit = 4000
    percentage profit = 4000/20000 = .2 or 20%

    on 2nd:
    loss = 6000
    percentage loss = 6000/3000 = .2 or 20%

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