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The nature of debt.
Comments
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On the subject of things that are difficult to get your head round:
A man wants to buy a gun. The gun he wants to buy is £30.
The man only has £10, so he gets two of his friends to help out.
All three go into the shop with £10, £30 in total and buy the gun.
The store assistant realises his charged them £5 too much for it and runs after them.
Realising he can make sum money, he pockets £2.
He then catches up with them and gives them the remaining £3.
That’s £1 for each of them.
So now they've only paid £9 each.
9 x 3 is 27.
Plus the £2 the shop keeper kept is £29
Where’s the extra £ gone?
The 3 friends paid a total of £27, making £25 for the gun and £2 for the shop owner. There is no missing £1:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
On the subject of things that are difficult to get your head round:
A man wants to buy a gun. The gun he wants to buy is £30.
The man only has £10, so he gets two of his friends to help out.
All three go into the shop with £10, £30 in total and buy the gun.
The store assistant realises his charged them £5 too much for it and runs after them.
Realising he can make sum money, he pockets £2.
He then catches up with them and gives them the remaining £3.
That’s £1 for each of them.
So now they've only paid £9 each.
9 x 3 is 27.
Plus the £2 the shop keeper kept is £29
Where’s the extra £ gone?
They actually paid £8.333333 each (plus a rounding error) for the gun.
Making it £25.
The shopkeeper then pocketed £2 out of the change. Gave the rioting teenagers £1 each back.
Don't take me for a fool laddy!0 -
Graham_Devon wrote: »They actually paid £8.333333 each (plus a rounding error) for the gun.
Making it £25.
The shopkeeper then pocketed £2 out of the change. Gave the rioting teenagers £1 each back.
Don't take me for a fool laddy!
How can someone pay £8.33333333 for a part of a gun?
LOL, if they paid that and got £1 back, they would have (in your summary) have only paid £7.3333 each so they got the gun for only £22 (ignoring the rounding error)
Check my earlier post for the correct answer.
They paid £9 each, it even states that in the question.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
HAMISH_MCTAVISH wrote: »1000 people live around the perimeter of an island. Each borrows £100 from his next door neighbour to the right.
The total debt outstanding at any given time is £100,000.
But the total debt can be paid off with just the same £100 being passed from one person to the next.
Total debt and net debt are two very different things....;)
Unfortunately they all want 17.5% apr on top of their £100 and only one person in the island is actually allowed to lend anything, which he creates by handing out IOUs. Your island has discovered neo-liberalism.0 -
IveSeenTheLight wrote: »How can someone pay £8.33333333 for a part of a gun?
LOL, if they paid that and got £1 back, they would have (in your summary) have only paid £7.3333 each so they got the gun for only £22 (ignoring the rounding error)
Check my earlier post for the correct answer.
They paid £9 each, it even states that in the question.
Don't laugh too soon
Live up to your username.....
Your answer is completely wrong.0 -
Graham_Devon wrote: »Don't laugh too soon
Live up to your username.....
Your answer is completely wrong.
LOL, can't wait for this one, please explain.........
Each friend has paid £9.
The shop owner effectively sold the product for more than it's value.
Simple as.
I state again
"The 3 friends paid a total of £27, making £25 for the gun and £2 for the shop owner. There is no missing £1 ":wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »LOL, can't wait for this one, please explain.........
Each friend has paid £9.
The shop owner effectively sold the product for more than it's value.
Simple as.
I state again
"The 3 friends paid a total of £27, making £25 for the gun and £2 for the shop owner. There is no missing £1 "
I love you Pimperne
They each put £10 into the kitty. Making £30.
They paid a total of £27 (in your calculations) and the shopkeeper kept £2.
£27 + £2 = £29.
£29 is not £30. Wheres the pound.
Again, Pimperne :iloveyou:0 -
Graham_Devon wrote: »Don't laugh too soon
Live up to your username.....
Your answer is completely wrong.
actually youre both right. This maths problem is only confusing because of the way its posed.
the key point is that the total outlay on the gun is £25 (or 8.33' x 3) then you can add the 3 £1 that they got back and the £2 the shopkeeper kept.0 -
actually youre both right. This maths problem is only confusing because of the way its posed.
the key point is that the total outlay on the gun is £25 (or 8.33' x 3) then you can add the 3 £1 that they got back and the £2 the shopkeeper kept.
Yup. The £2 the shopkeeper kept does not need to be divided by 3.
They handed over £30. The gun costs £25.
Out of the CHANGE, (to make it easier, 5 x £1 coins), the shopkeeper takes 2. That leaves 3 to divi between the 3 tearaways.
Which means, the gun cost £25, divided by 3 = £8.33 each) - or to be precise, £8.34 for one, and £8.33 for the other 2.
Can't both be right though. Theres only one answer that adds up to £30.0 -
Graham_Devon wrote: »I love you Pimperne
They each put £10 into the kitty. Making £30.
They paid a total of £27 (in your calculations) and the shopkeeper kept £2.
£27 + £2 = £29.
£29 is not £30. Wheres the pound.
Again, Pimperne :iloveyou:
I think you should go raid the piggy bank and do a physical check .
To help you: -
They all put in £10, making £30 in total.
They all get on pound back, making the effective kitty £27, with each friend having £1 in their pocket.
The shop owner puts the £25 from the kitty into the till to balance the gun value (kitty now only £2)
The shop owner pockets the £2 (kitty now £0)
THERE IS NO MISSING POUND
Now, from your definition, please explain: -
How can anyone chip in £8.33333333?
Your getting hung out to dry because your trying to total £30, instead of totalling £27 which is what the friends contributed to.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
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