Mr. Jones sold two pipes at $2 each. Based on the cost, his profit one was 40% and his loss on the other was 20%. On the sale of the pipes. Find the amount of his profit or loss? Choices:
A) lost 10 cents B) lost 4 cents C) broke even D) gained 40 cents E) gained 10 cents
40 % profit on $ 2   = $ 40/100 × 2   = $ 0.40 × 2   = $ 0.80   Similarly, 20 % loss on $ 2   = $ 20/100 × 2   = $ 0.20 ×2   = $ 0.40   Therefore, in one pipe his profit is $ 0.80 and in the other pipe his loss is $ 0.40   so profit is 40 cents..   Answer is gained 40 cents.
<result>D</result>
Mr. Jones sold two pipes at $2 each. Based on the cost, his profit one was 40% and his loss on the other was 20%. On the sale of the pipes. Find the amount of his profit or loss?