A farmer bought 7 cows for $1172 and sold them for $584. He bought them back for $607 and sold again for $864. How much did the farmer gain or lose on these transactions?
$2 gain
$431 loss
No loss, no gain.
$331 loss

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First transaction ( 1172 - 584 ) = 588 (loss). Second transaction ( 864 - 607 ) = 257 (gain). Finally ( 588 - 257 ) = 331 (loss).
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