A simple 3rd grade math problem

[Msmith]

Fax has a garage sale. The cost of the sweater is $18. Fax sells it for $21. A person buys the sweater and gives Fax a $100 bill. Fax goes to his neighbor for change. He gives the buyer $79 back. The next day the neighbor tells Fax that the $100 is faked. Fax gives the neighbor back $100. How much money does Fax lose?

[Nickel D]

I don't recall doing/learning this type of problem or anything at all similar to it when I was in 3rd grade.

[Fairplay]

Originally Posted by Nickel D

I don't recall doing/learning this type of problem or anything at all similar to it when I was in 3rd grade.

New math out since then, they just discovered it.

[FAX]

Originally Posted by Nickel D

I don't recall doing/learning this type of problem or anything at all similar to it when I was in 3rd grade.

I wasn't involved in a lot of garage sales back in those days.

FAX

[ChiefFripp]

$3

[LiveSteam]

This happen on an episode of Sanford & Son. True story :-)

[ShortRoundChief]

Originally Posted by jidar

In real terms he's out $79 and 1 sweater.

That's inarguable.

If you want to try to determine the value of the sweater then the answer starts with "it depends..."

He would have been out of $79 for the change, $100 for replacement of the faked bill and $18 worth of merchandise. All he would have gained was the $21. $158.

[LiveSteam]

Originally Posted by MotherLover

He would have been out of $79 for the change, $100 for replacement of the faked bill and $18 worth of merchandise. All he would have gained was the $21. $158.

Thats the same answer Lamont gave Fred







BIG DUMMY

[alnorth]

Originally Posted by MotherLover

He would have been out of $79 for the change, $100 for replacement of the faked bill and $18 worth of merchandise. All he would have gained was the $21. $158.

You can't count both the $79 and the $100 as costs. The neighbor gave him the $79, (as well as another $21).

Neighbor gave him $100 in increments that break down to $79 and $21, he gave $100 back to the neighbor. The transactions with the neighbor are a wash, and should be ignored. Its easier to assume he had $79 in his pocket when the guy bought the sweater.

[Stinger]

The answer is $28

[Saul Good]

Originally Posted by MotherLover

He would have been out of $79 for the change, $100 for replacement of the faked bill and $18 worth of merchandise. All he would have gained was the $21. $158.

You are making this way too hard. Assign the fake bill a value of zero.

He received a fake bill. ($0)
He gave away a sweater (minus one sweater)
He traded fake bill for $100 (plus $100)
He gives the customer change (minus $79)
He reimburses neighbor (minus $100)

Add it up: $0 + $100 - $79 - $100 - sweater

He is out $79 plus whatever value you assign to the sweater.

[Skyy God]

Why would the neighbor tell Fax the bill was counterfeit? He's up a sweater and $79 vs. his original position.

[Buck]

$2145

[unothadeal]

Originally Posted by Pittsie

Why would the neighbor tell Fax the bill was counterfeit? He's up a sweater and $79 vs. his original position.

The buyer and neighbour are different people

[Skyy God]

Originally Posted by unothadeal

The buyer and neighbour are different people

Then why did the neighbor get $100 back??

[ShortRoundChief]

Originally Posted by Saul Good

You are making this way too hard. Assign the fake bill a value of zero.

He received a fake bill. ($0)
He gave away a sweater (minus one sweater)
He traded fake bill for $100 (plus $100)
He gives the customer change (minus $79)
He reimburses neighbor (minus $100)

Add it up: $0 + $100 - $79 - $100 - sweater

He is out $79 plus whatever value you assign to the sweater.

Yes I know. I jumped in the shower and all I could do was think about this poor man and his sweater. I came to the $79 answer myself and hoped to jump on the website, erase my post and escape without penalty.

Alas that isn't the case.