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?

[BourbonMan]

$200.00

[Sofa King]

Originally Posted by BigRichard

I was thinking it was 288.

I'LL KILL YOU!!!

[sedated]

I’d like to see the 3rd grade test where this question appears.

[Chiefnj2]

-$18.00 purchase of sweater.

$100 dollar bill directly to neighbor. He is still out $18.
Receives $100 singles back. Not his money yet.
Gives $79 singles away to the purchaser.
Keeps $21 singles.

Difference between purchase of sweater -$18 and $21 kept, is +$3.

Next day neighbor wants money back. He gives $100 to neighbor. That leaves him with -$97 and a bogus Franklin.

[Amnorix]

Originally Posted by blaise

Well, did he lose the cost of the sweater, or the market value?

OP isn't perfectly clear: "How much money does Fax lose?"

As Fax's attorney I'd argue market value.

Plus this was clearly a fraudulent and deceptive act, entitling Fax to double or triple damages under consumer protection law. Plus attorneys fees. Fax was counting on that income to help fund his efforts to recover from gastro-intestinal problems that are chronic and ongoing, which were exacerbated by the stress of being robbed as well. Potential emotional damages.

But I digress....

[38yrsfan]

What kind of sweater?

[Hydrae]

$79

The original value of the sweater sold at a garage sale shouldn't enter into the equation. Fax already got his $18 worth by wearing it for a while before deciding to sell it.

[Renegade]

Just beat the neighbor with an axe handle and call it even.

[Lumpy]

More importantly... why in the hell is Fax having a garage sale during the Winter?

[Rain Man]

So he bought the sweater for $18 and then sells it at a garage sale for $21? I didn't realize that a FAX-worn jersey carried such a premium.

[alnorth]

The answer is one of three possibilities: $79, $97, or $100. The reason why it is unclear is because the question asks how much money he loses.

If the question wants strictly cash, then the cost or market value of the sweater is not relevant, he lost $79 in cash. If the sweater counts as "money", then it is either $97 or $100, depending on whether we count the cost of the sweater, or we assume he could have sold it for $21 to someone else and count the market value of the sweater.

The exchange with the neighbor is in there just to confuse you, just pretend the seller had $79 in his pocket to hand out as change.

Vagueness aside, I'll count the sweater as money and use market value. So, $100

[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..."

[Saul Good]

We won't know for sure because the guy with an IQ of 159 deleted his post.

[MagicHef]

Originally Posted by Rain Man

So he bought the sweater for $18 and then sells it at a garage sale for $21? I didn't realize that a FAX-worn jersey carried such a premium.

I was trying to figure out who would buy any sweater from a garage sale for $21. Then, I realized that the answer was pretty obvious: The type of person that carries fake $100 bills around.

[Ming the Merciless]

What did he lose?

He lost 18 dollars in a sweater, plus he had to give away a $100 dollar bill

(gross losses = $118)

What did he 'gain' ? $21 dollars

He is out NET $97 bucks i guess but i doubt the sweater is worth as much as it cost to begin with