Fred bought a car for $4000 and sold to alice for $5000. Fred bought back the car from alice for $6000 and sold to alison for $7000. Net profit of fred?
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Answer:
£2000
Step-by-step explanation:
Imagine Fred started with £20,000, after buying the car he would have had £16,000. He then sold it to Alice, which left him with £21,000 and then bought it again leaving him £15,000. Fred finally sold it again leaving him with £22,000. So Fred's profit was £2,000.
Alternatively, you can see that Fred spent a total of £4,000 + £6,000 = £10,000 and received a total of £5,000 + £7,000 = £12,000. A difference of £2,000.
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