Tuesday, May 24, 2011
You spent $8 on a chicken, sold it for $9. But you wanted to earn more than that, so you bought back the chicken for $10. Then you sold it to another person for $11. How much did you earn in total?
Well, what is your answer?
I actually came out with 4 answers. Its either $3, $2, $1 or none!
Here are my reasons why.
For me getting $3, its pretty straightforward.
You start off with $8, and end with $11.
$11 - $8 = $3
For me getting $2
You start off with $8, so you sell it at $9 = $1 profit
You start off with $10, so you sell it at $11 = $1 profit
Thus, $1 + $1 = $2 profit.
Or...
Total amount earned - Total amount spent = ($9 + $11) - ($8 + $10) = $2
For me getting $1
You sold the chicken at $9 = $1 profit
You buy the chicken at $10 = $1 loss
You sold the chicken at $11 = $1 profit
$1 - $1 + $1 = $1
For me getting $0
You buy the chicken at $8
You sold it for $9 ($1 profit)
You buy it at $10 ($10 is the $9 you've got plus $1 from your own pocket)
Thus, you made a loss of $1 at this point.
You sold it for $11 for a profit of $1.
$1 profit - $1 loss = $0
So, whats your answer?
Out
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