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re: Settle This Facebook Math Problem
Posted on 9/19/17 at 7:57 pm to pioneerbasketball
Posted on 9/19/17 at 7:57 pm to pioneerbasketball
According to Korkstand, we must consider the intent of the problem to solve. Even if there is an obvious answer.
0
Posted on 9/19/17 at 8:00 pm to OweO
quote:
bought it for $60 then sold it for $70 so that is $10 profit. Turns around and buys it for $80 so there goes the $10 in profit, however he sells it for $90 so he makes $10. Unless I am missing something.
Work it backwards and see what happens - say he bought it for 90 and sold it for 80, then bought it again for 70 and sold it for 60... would you say that he only lost 10?
The better way to envision this problem is to look at it as two completely separate sales:
If you bought two horses, then sold two horses and made 10 on each horse, you'd have 20 in profit.
--OR--
If you bought a couch and a chair, one for 60 that you sold for 70, and one for 80 that you sold for 90, then you'd have 20 profit.
The "same horse" of the problem is written to trip you up.
Posted on 9/19/17 at 8:02 pm to pioneerbasketball
+20
Posted on 9/19/17 at 8:12 pm to SlapahoeTribe
Because it's the "same horse" is the reason you can't work it as 2 separate problems or transactions. It's 1 continuous deal. You started with $60 and ended up with $90. Tbus a $30 profit.
Posted on 9/19/17 at 8:20 pm to pioneerbasketball
Imagine he has $100 in his pocket.
Buys a horse for $60, has $40 left.
Sells horse for $70, now has $110.
Buys horse for $80, now has $30.
Sells horse for $90, now has $120.
So he started with $100 and ended up with $120.
He made $20.
Buys a horse for $60, has $40 left.
Sells horse for $70, now has $110.
Buys horse for $80, now has $30.
Sells horse for $90, now has $120.
So he started with $100 and ended up with $120.
He made $20.
Posted on 9/19/17 at 8:22 pm to Caddo
quote:Multiple wrongs here.
Because it's the "same horse" is the reason you can't work it as 2 separate problems or transactions. It's 1 continuous deal. You started with $60 and ended up with $90. Tbus a $30 profit.
Let's do this- say you have $100 in your wallet, then you buy a horse for $60 = you now have a horse and $40 in your wallet.
You sell the horse for $70 = you now have no horse and $110 in you wallet.
Then you buy the horse back for $80 = you now have a horse and $30 in your wallet.
Then you sell the horse for $90 = you now have no horse and $120 in your wallet.
You started with $100 in your wallet and now have $120. No matter which way you cut it, you have $20 more than when you started.
ETA- Like PrimeTime above me said.
This post was edited on 9/19/17 at 8:24 pm
Posted on 9/19/17 at 8:23 pm to PrimeTime Money
But why did he buy it back?
Posted on 9/19/17 at 8:23 pm to pioneerbasketball
He's paying taxes on $20...
But might come away with some deductions...
But might come away with some deductions...
Posted on 9/19/17 at 8:25 pm to IceTiger
And if he kept the horse a day or two it ate up the $20 anyway
Posted on 9/19/17 at 8:27 pm to pioneerbasketball
He lost 70 bucks
Posted on 9/19/17 at 8:32 pm to pioneerbasketball
You forgot to include income and sales tax in this.
He buys horse for $60 (must add 9% or so sales tax)
Then sells horse for $70 (income tax on profit and collect sales tax from buyer)
Repeat again.
In the end he ends up having to file bankruptcy and loses everything because he didn't have a good enough tax accountant and attorney for his horse trading business.
He then has to go work for Walmart stocking shelves, and as in insult in the pet supplies department, just to get a little cash and some meager health insurance.
He buys horse for $60 (must add 9% or so sales tax)
Then sells horse for $70 (income tax on profit and collect sales tax from buyer)
Repeat again.
In the end he ends up having to file bankruptcy and loses everything because he didn't have a good enough tax accountant and attorney for his horse trading business.
He then has to go work for Walmart stocking shelves, and as in insult in the pet supplies department, just to get a little cash and some meager health insurance.
Posted on 9/19/17 at 8:54 pm to OweO
quote:
He bought it for $60 then sold it for $70 so that is $10 profit. Turns around and buys it for $80 so there goes the $10 in profit, however he sells it for $90 so he makes $10. Unless I am missing something.
A brain..........and functioning legs.
Posted on 9/19/17 at 9:10 pm to OweO
quote:
He bought it for $60 then sold it for $70 so that is $10 profit. Turns around and buys it for $80 so there goes the $10 in profit, however he sells it for $90 so he makes $10. Unless I am missing something.
Oh shite. You just added 10 pages.
Posted on 9/19/17 at 9:14 pm to pioneerbasketball
$10 profit
Posted on 9/19/17 at 9:22 pm to pioneerbasketball
made $20
Posted on 9/19/17 at 9:25 pm to pioneerbasketball
How is this frickin hard anywhere except in Louisiana? I am not, and my friends are laughing that this is even a thing down there.
Posted on 9/19/17 at 9:27 pm to Chicken
quote:
by Chicken
Posted on 9/19/17 at 9:33 pm to TheArrogantCorndog
My answer is $10 btw. 
Posted on 9/19/17 at 9:35 pm to pioneerbasketball
This reveals much about the IQ posting on here.
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