Protection fee

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Jayraj
Posts: 15
Joined: Sun Oct 21, 2018 11:06 am UTC

Protection fee

Postby Jayraj » Fri Nov 16, 2018 6:23 pm UTC

You and your friend reach the black market in hope of selling gold bars and making some money.

A group of armed people surround you both. Since you are new to this market, you cannot figure out what’s happening.

The leader of the gang introduces himself as the ruler of this market.

Leader: “Whatever you have here for selling, you need to pay a protection fee, that is a percentage of the value of your stash.”

As you are already in the market, there is no way to escape. So you agree to pay the fee.

One of the gang member searches your bag and count 32 bars and 18 bars in that of your friend.

So you hand over three bars and twenty-four dollars to the leader. The latter accepts and turn over to your friend.

In his turn, he hands over two bars to the leader.

Leader: "Being a man of my words, I won’t take even an extra penny from you."

That said, he hands over twenty-four dollars to your friend.

Can you figure out the value of each bar and the percentage for protection fee?

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Moonbeam
Posts: 292
Joined: Sat Dec 08, 2007 5:28 pm UTC
Location: UK

Re: Protection fee

Postby Moonbeam » Sat Nov 17, 2018 1:26 pm UTC

Spoiler:
Value of each bar = $120
protection fee = 10%


Detailed work out:
Spoiler:
Let P = percentage rate and D = value of each bar in dollars

(32 x P x D)/100 = (3 x D) + 24

and

(18 x P x D)/100 = (2 x D) - 24

Solving simultaneous equations gives P= 10 and D = 120

Yat
Posts: 131
Joined: Tue Feb 03, 2009 2:05 pm UTC

Re: Protection fee

Postby Yat » Tue Nov 20, 2018 9:37 am UTC

An easy answer:
Spoiler:
As the 24 dollars just go from one bag to the other, so the leader simply took five bars out of the 50 bars present, which is a fee of 10%.
Now, as the fee for 32 bars is 3 bars and 24 dollars, 24 dollars is the value of 0.2 bars, therefor a gold bar is worth 120 dollars.


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