(Almost 99 out of 100 university student gave the wrong answer)
Jim a owner of a gift shop, buys a photo frame at a cost price of $18 and sell it at $21. A man walk in with $100 note wanting to buy the photo frame. Jim do not have small change so he went to the shop next to him to change the $100 note into small change. He then return to his shop and give the man $79 change. Later of the day the shop owner next door discover that the hundred dollars note was a counterfeit. Jim have no choice but to pay the shop owner a hundred dollars note. Question is how much money did jim lose in this transcation?
2007-09-22 05:49:11 · 10 answers · asked by laohu3gu 1 in Science & Mathematics ➔ Other - Science
$97 is the correct answer..Good job :)
2007-09-22 06:17:10 · update #1
$200 He gave the customer $100 (the cost of the merchandice and his change) Also he owed the next shop owner $100
2007-09-22 06:04:01 · answer #1 · answered by redguy411 2 · 0⤊ 0⤋
Answer: Jim's lose $200
Explanation:
- Frame value: $18 +$3 more for the retail price=$21,
- Money to the shop owner= $100,
- Change= $79
- Total= $200
2007-09-22 13:15:59 · answer #2 · answered by macabu20 1 · 0⤊ 1⤋
He lost $79 he had to give to the shop next door plus the $18 the frame cost him, so his total loss was $97
2007-09-22 13:00:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
He paid only $18 for the original photo frame and the $3. profit he made selling it would not be lost as it was not paid, so what his total loss would be is as follows:
$79 + $18 = $97. The $3. was profit he never paid.
2007-09-22 12:59:54 · answer #4 · answered by unknown friend 7 · 0⤊ 0⤋
He lost 97 dollars. He gained 3 dollars from the sale (21-18) and then he had to give away $100.
100-3=97.
2007-09-22 12:58:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
$97.oo
He gained $3.oo from the ‘change’ he gave to his customer.
Net profit =$3.oo; ($21.oo -$18.oo cost price)
He lost $100.oo when he reimbursed the shop keeper.
Total loss = $97.oo
NB. Whoever gets the right answer is a very clever person.
2007-09-22 13:14:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
$97
2007-09-22 13:10:03 · answer #7 · answered by Ginny Weasley 3 · 0⤊ 0⤋
$197
He gave the man $79 gave the shopkeeper $100 and lost the photo frame $18
2007-09-22 12:58:27 · answer #8 · answered by Achillezz 2 · 0⤊ 1⤋
$79
2007-09-22 12:58:33 · answer #9 · answered by zmdk_zmdk 2 · 0⤊ 1⤋
Uh... $118
He lost the $100.
He lost the $18 cost of the frame.
2007-09-22 12:58:13 · answer #10 · answered by Secret Agent of God (BWR) 7 · 0⤊ 1⤋