Question

Once a person brought a cycle for $1600, and he was not useful again. He wants to sell it to his colleague for $1700. He felt bad and bought it again for $1800 and sold it to Cycle Mart for $1800. Did he have a profit?

a) Yes
b) No

Answer 1

The person initially bought the cycle for $1600, sold it for $1700, bought it back for $1800, and then sold it again for $1800. The total spent is $3400 and the total received is $3500, resulting in a profit of $100.

Step-by-step explanation:

To determine whether there was a profit or a loss in the transactions involving the cycle, we'll calculate the total cost for the person and the total amount for which the cycle was sold over all transactions.

• Initial purchase of the cycle: $1600
• Sold to colleague: $1700
• Bought it back: $1800
• Sold to Cycle Mart: $1800

The total amount spent buying the cycle is $1600 (initial purchase) + $1800 (bought back) = $3400. The total amount received from selling the cycle is $1700 (to colleague) + $1800 (to Cycle Mart) = $3500.

Therefore, we see that the person sold the cycle for a total of $3500 and bought it for a total of $3400.

The difference is $3500 - $3400 = $100. This means the person made a profit of $100.