Bob sold 2 cars a Ferrari and a Lamborghini at the same rate. He made a profit of 20% on the Ferrari but suffered a loss of 20% on the Lamborghini. If the Ferrari cost him $200 (too cheap!) then at what price (in $) did he buy the Lamborghini?
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Let the cost price and selling price of the Ferrari be c 1 and s 1 respectively.
Similarly, let the cost price and selling price of the Lamborghini be c 2 and s 2 respectively.
Selling price of both cars is same ⇒ s 1 = s 2 … 1
Profit on Ferrari is 20% ⇒ s 1 = 1 . 2 ∗ c 1 … 2
Loss on Lamborghini is 20% ⇒ s 2 = 0 . 8 ∗ c 2 … 3
Ferrari costs 200 ⇒ c 1 = 2 0 0
⇒ s 1 = 1 . 2 ∗ 2 0 0 = 2 4 0 … F r o m 2
⇒ 2 4 0 = s 2 … F r o m 1
⇒ 2 4 0 = 0 . 8 ∗ c 2 … F r o m 3
⇒ c 2 = 0 . 8 2 4 0 = 3 0 0
⇒ Lamborghini costs 300