Mike wanted to buy a bike, and he found one he liked at $20, so he bought it. The next day, a friend saw it and offered $30 dollars for it so Mike agreed. He later bought it back for $40. Again someone saw it and offered $50 and again Mike sold it. Mike finally rebought the bike for good for $60. Mike then took it to a bike show where a man told him the bike was worth $40.

Deciding to keep it, did Mike gain or lose money on the transactions? Count the bikes worth in the problem.

I believe he gains 20$ off this. he lost 40 dollars in the transactions, but the original cost of the bike was 20. therefore he has a 40 dollar bike, yet he only paid 20. HE GAINS $20!

Posted by Daniel on 2003-08-04 04:16:38