1956 AHSME Problem 2

Mr. Jones sold two pipes at \${ 1.20} each. Based on the cost, his profit on one was

20% and his loss on the other was 20%. On the sale of the pipes, he:

\begin{array}{l} \textbf{(A)}\ \text{broke even}\qquad \textbf{(B)}\ \text{lost }4\text{ cents} \qquad\textbf{(C)}\ \text{gained }4\text{ cents}\qquad \\ \textbf{(D)}\ \text{lost }10\text{ cents}\qquad \textbf{(E)}\ \text{gained }10\text{ cents} \end{array}

Full credit goes to MAA for authoring these problems. These problems were taken on the AOPS website.