The scammed storeowner

Logic Level 3

A man visits an electronics store and buys a pair of hi-fi speakers for €80. He pays the storeowner a €100 note. The storeowner doesn't have any change. He therefore approaches the neighboring storeowner and asks him for change.

The neighboring storeowner takes the €100 note and gives ten €10 notes to the storeowner. The storeowner then keeps eight of the notes with him and returns two notes to the man. The man walks away with the pair of hi-fi speakers and €20.

After some time, the neighboring storeowner finds out that the €100 note is fake and asks the storeowner for the note to be replaced. The shopkeeper with no other alternative gives his neighbor another €100 note. What is the loss suffered by the storeowner if his markup on the pair of hi-fi speakers is 60%?

90 132 70 150 72 52 152 170

1 solution

Benjamin Wong
Oct 13, 2016

Cost of the phone = $50, Amount customer paid = $100, Amount returned to customer = $20, Amount returned to neighboring store owner = $100, Calculation : -$50 + $100 - $20 - $100 = -$70

First let's calculate the cost of a pair of hi-fi speakers to the store owner = €80/1.6 = €50

Now all we have to do is list the values of all the transactions and sum them up in the end:

The storeowner gets €100 from the man, however the value of the note is €0 because it is a fake note: + €0
He gives the fake €100 note to his neighbour: - €0
He gets 10 notes of €10: + €100
He gives two notes to the man: - €20
He gives a pair of hi-fi speakers to the man: -€50
6. He has to replace the fake note: -€100

Adding everything up results in a loss of €70

Steven De Potter - 4 years, 8 months ago

The scammed storeowner

1 solution

6. He has to replace the fake note: -€100

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