Jim buys a wedding ring for $10,000. He gets his wife a ring that is twice that much and sells the first one for half its value. How much is he out of pocket? Give me reasons, before answering the question
The second ring cost 2 * 10000 = $20,000. He sells the first ring for 10,000 / 2 = $5000. So he is out of pocket 10000 - 5000 = $5000. So that means he is out of pocket 20,000 + 5000 = $25,000. So the final answer is 25000.