KOC's friend is the owner of a golf shop. Each box of Pro V is at cost of $250. And after a profit of $70 added onto it, each box of Pro V is sold at $320. So one day, a customer came in to buy a box, and handed the owner a $500 dollar bill. The owner just went out of change, and had to go over to his neighbor to change the 500 dollar bill into bills of different denominations. So after giving the customer the change, and the customer left, the neighbor came and claimed that the $500 dollar bill was fake. So the owner had to give the neighbor another $500 dollar bill to settle the dispute.
The question is: how much money KOC's friend lost at the end of the day?
depends on whether he was able to rid himself of the fake $500 by giving it to someone else!
Logically though:
KOC's friend has given change of $180
He is also down one box of balls $250
and the profit on the balls $70
Finally he is down the $500 he had to replace.
That brings a grand total of $1000!
Ouch!
Originally Posted by GPStyles
depends on whether he was able to rid himself of the fake $500 by giving it to someone else!
Logically though:
KOC's friend has given change of $180
He is also down one box of balls $250
and the profit on the balls $70
Finally he is down the $500 he had to replace.
That brings a grand total of $1000!
Ouch!
A fake $500 turned into $1000 lost?
Originally Posted by KOC
KOC's friend is the owner of a golf shop. Each box of Pro V is at cost of $250. And after a profit of $70 added onto it, each box of Pro V is sold at $320. So one day, a customer came in to buy a box, and handed the owner a $500 dollar bill. The owner just went out of change, and had to go over to his neighbor to change the 500 dollar bill into bills of different denominations. So after giving the customer the change, and the customer left, the neighbor came and claimed that the $500 dollar bill was fake. So the owner had to give the neighbor another $500 dollar bill to settle the dispute.
The question is: how much money KOC's friend lost at the end of the day?
Anybody who would accept a $500 bill without verifying its authenticity has only himself to blame. Those bills haven't been produced by the U.S. Treasury since World War II and haven't been distributed since 1969 (that would be
forty years). While they are still legal tender, ask yourself: "When was the last time I saw a $500 bill? Would I accept it as payment? Would I accept it
and make change?"
Originally Posted by Yoda
Anybody who would accept a $500 bill without verifying its authenticity has only himself to blame. Those bills haven't been produced by the U.S. Treasury since World War II and haven't been distributed since 1969 (that would be forty years). While they are still legal tender, ask yourself: "When was the last time I saw a $500 bill? Would I accept it as payment? Would I accept it and make change?"
haha....Hong Kong Dollar, happened in my place.
The HKG Dollar is pegged to the USD. Imagine collecting USD with makey fakies from China
The word Dollar is actually from US traders first trips into China. Not many people know that.
Originally Posted by KOC
KOC's friend is the owner of a golf shop. Each box of Pro V is at cost of $250. And after a profit of $70 added onto it, each box of Pro V is sold at $320. So one day, a customer came in to buy a box, and handed the owner a $500 dollar bill. The owner just went out of change, and had to go over to his neighbor to change the 500 dollar bill into bills of different denominations. So after giving the customer the change, and the customer left, the neighbor came and claimed that the $500 dollar bill was fake. So the owner had to give the neighbor another $500 dollar bill to settle the dispute.
The question is: how much money KOC's friend lost at the end of the day?
$430 , if you want to count lost potential profit of $70 on that particular box of balls , then its $500
I wasn't a math major in college, but would like to think I have a sense of logic, so here goes:
I buy golf balls at $250 wholesale price. These balls end up essentially being "donated" to the customer.
Running total: $250
Customer buys balls for $320 retail, and requires $180 in change. I change out his $500 with my neighbor for smaller bills. I pay $180 of the neighbor's money to the customer, who walks out with my golf balls. This $180 is NOT coming out of MY pocket.
Running total: $250
Turns out the $500 bill is bogus. The $500 I received from the neighbor is, in effect, a $500 loan. I gave $180 of that $500 to the customer in change, leaving me $320 of the neighbor's money I can give back to the neighbor. But I also have to dip into my own funds -- to the tune of $180 -- to pay back the neighbor his full $500.
Running total: $250 + $180 = $430
Actual out-of-pocket loss is $430.
There are lots of folks telling me the answer of HK$500. They said the shop owner lost the potential profit of $70.
Originally Posted by Matt
I wasn't a math major in college, but would like to think I have a sense of logic, so here goes:
Actual out-of-pocket loss is $430.
Winner-Winner Chicken Dinner...I agree with the Mattt-ematician.
$430 is the number I come up with on my Ouija board here in Ohio.
