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Super Pawn (Posted on 2006-04-07) Difficulty: 1 of 5
Bob has an idea on how to make some extra cash. He pawns $30 at the local pawn shop for $15. Then he goes to the pub next door and sells the $30 pawn ticket to Jim for $20. It looks like both make money on the deal. Is that true? Who gets the short end of the transaction? Is it Bob, Jim, or the pawn shop?

No Solution Yet Submitted by Wallace North    
Rating: 2.0000 (1 votes)

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Solution Solution | Comment 2 of 7 |

Bob: sells $30 for $15, and then ticket for $20, gains $5

Pawn shop: buys $30 for $15, sells it for $15, gains nothing

Jim: Buys ticket at $20, spends $15 at pawn shop for $30, loses $5.

 

Overall, Bob earns $5 and Jim loses $5.


  Posted by sassy on 2006-04-07 12:33:27
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