Mahesh sold his car and jeep for Rs. 2 lakh each. In this transaction, the car sale resulted in 20% profit whereas the jeep sale resulted into 20% los

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Mahesh sold his car and jeep for Rs. 2 lakh each. In this transaction, the car sale resulted in 20% profit whereas the jeep sale resulted into 20% loss. The entire transaction resulted in
1. Profit of Rs. (1/3) lakh
2. Loss of Rs. (1/6) lakh
3. Profit of Rs. (1/6) lakh
4. No profit no loss

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Correct Answer - Option 2 : Loss of Rs. (1/6) lakh

Given:

Selling Price of car = Selling Price of jeep = Rs. 2 lakh

Profit in car = 20%

Loss in jeep = 20%

Formula Used:

Profit % = ((SP - CP)/CP) × 100%

Loss % = ((CP - SP)/CP) × 100%

Calculation:

Let the cost price of car = Rs. x lakh

Profit in car = 20%

Profit % = ((SP - CP)/CP) × 100%

20 = ((2 - x)/x) × 100

⇒ 1/5 = (2 - x)/x

⇒ x = 10 - 5x

⇒ 6x = 10

⇒ x = 5/3

Cost price of car = Rs. (5/3) lakh

Let the cost price of jeep = Rs. y lakh

Loss in jeep = 20%

Loss % = ((CP - SP)/CP) × 100%

⇒ 20 = ((y - 2)/y) × 100

⇒ 1/5 = (y - 2)/y

⇒ y = 5y - 10

⇒ 4y = 10

⇒ y = 5/2

Cost price of jeep = Rs. (5/2) lakh

Total cost price of car and jeep = Rs. (5/3) lakh + Rs. (5/2) lakh

⇒ Total cost price of car and jeep = Rs. (25/6) lakh

Total selling price of car and jeep = Rs. 4 lakh

Loss = CP - SP

⇒ Loss = Rs. (25/6) lakh - Rs. 4 lakh

⇒ Loss = Rs. (1/6) lakh

∴ The entire transaction resulted in loss of Rs. (1/6) lakh.