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Mike and the Bike (Posted on 2003-07-26) Difficulty: 3 of 5
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.

See The Solution Submitted by Jon    
Rating: 2.2941 (17 votes)

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Solution Credits and debits | Comment 10 of 42 |
Along his five transactions, he received the bike three times, plus $80, and he gave away the bike twice, plus $120.

If the bike actually was worth $40, he came out even; with the bike in his possession, and $40 down.

Now, a little question... why is this problem in the "LOGIC" section?
  Posted by Federico Kereki on 2003-07-26 13:47:02

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