Bob's friend Jane loves to collect antique coins from around the world. She purchased 2 coins and found out that she needed money urgently to fund her education. So, she sold the coins for Rs. 8000 each. On one coin, she made 20% profit and on the other she lost 20%. How much did Jane gain or lose in the entire transaction?
Question
Bob's friend Jane loves to collect antique coins from around the world. She purchased 2 coins and found out that she needed money urgently to fund her education. So, she sold the coins for Rs. 8000 each. On one coin, she made 20% profit and on the other she lost 20%. How much did Jane gain or lose in the entire transaction?
Solution
Let's break down the problem step by step:
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Jane sold two coins for Rs. 8000 each, so she received Rs. 8000 * 2 = Rs. 16000 in total.
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She made a 20% profit on one coin, which means she sold it for 120% of its original price. So, the original price of this coin was Rs. 8000 / 1.2 = Rs. 6666.67 approximately.
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She lost 20% on the other coin, which means she sold it for 80% of its original price. So, the original price of this coin was Rs. 8000 / 0.8 = Rs. 10000.
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Therefore, the total amount she spent on the coins was Rs. 6666.67 + Rs. 10000 = Rs. 16666.67 approximately.
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So, Jane lost Rs. 16666.67 - Rs. 16000 = Rs. 666.67 approximately in the entire transaction.
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