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A man buys a goat for $60
Then he sells it for $70
Then, He buys it back at $80
but sells it again for $90
How much money did he make ?
He made 20 dollars,
First time 10 dollars and then second time 10 dollars.
Actually, your answer is incorrect. He spent $60.00 to purchase the goat. Therefore he is down $60.00. He sells the goat for $70.00, do not he has a profit of $10.00. He purchases the goat again for $80.00, so now he is down the $10.00 profit from the first sale. He then sells the goat for $90.00 and he actually breaks even, he made $0.00 from the goat sales, and yet he is still down the original $60.00 he spent at the beginning, which has been regained through the two sales, but he actually made no profit from the sales.
He made $0.00 only in profit. Here is the explanation. He spends $60.00 to purchase the goat, at this point he is in a deficit of $60.00. Then he sells the goat for $70.00, and makes a $10.00 profit. Then he again buys the goat, for $80.00, this cost him the profit he made plus gave him a deficit of $10.00. Then he again sells the goat for $90.00, he recovers the money he spent and has no profit. So the total money he made from the sales was $0.00.
$30. He started wth $60 and wound up with $90
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