How much is the bicycle worth?

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  • Thread starter Marcelo Arevalo
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You can do this by clicking on Thread Tools beside the Reply button. When the drop-down menu appears, click on "Mark Thread as Solved". This will help others looking for similar solutions find your thread. Thank you for your cooperation.In summary, John agreed to work for 8 weeks after school for a fixed weekly rate. However, instead of receiving only money, he also agreed to get \$850.00 and a bicycle. After 5 weeks, John fell sick and was given \$250.00 and a bicycle. By solving for the value of the 8 weeks worked, it was found that the bicycle is worth \$750.00.
  • #1
Marcelo Arevalo
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John agreed to work after school for 8 weeks for a fixed weekly rate. But instead of being given only money for his work, John agreed to receive \$850.00 and a bicycle. After 5 weeks, John got sick. He was given \$250.00 and a bicycle. How much is the bicycle worth?
 
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  • #2
I was working on this solution :
8 weeks = 850 + bicycle
5 weeks = 250 + bicycle

Solving for weekly rate :
850 / 8 + bicycle/8 = 250/5 + bicycle/5
850 /8 - 250/5 = bicycle/8 - bicycle/5

now I am stucked... am I doing the right thing??
please help. thank you.
 
  • #3
Let y be the value, in cash, for the 8 weeks worked and let b be the cost of the bicycle. We can then form two equations:

y = 850 + b

and

5y/8 = 250 + b.

Subtracting the two equations, we have

y - 5y/8 = 850 + b - (250 + b) = 600, 3y/8 = 600.

Solving for y, we find y = 1600. With the equation y = 850 + b, b = 1600 - 850 = 750, so the bicycle is worth \$750.00.

* A note on using \$ signs here: Use \$ for the text following dollar signs to display correctly.
 
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  • #4
Wow! Thank you very much!
 
  • #5
Hello, Marcelo Arevalo. If you are satisfied with any of the solutions given above (you seem to be), then I request you to use the thread tools to mark this thread as solved.
 

Related to How much is the bicycle worth?

1. How is the worth of a bicycle determined?

The worth of a bicycle is determined by several factors, including the brand, model, age, condition, and demand. Other factors that may affect the worth of a bicycle include the materials used, any modifications or upgrades, and the location where it is being sold.

2. Is the worth of a bicycle the same as its market value?

No, the worth of a bicycle is not necessarily the same as its market value. While market value takes into account the current demand and supply, the worth of a bicycle may also include sentimental value or the cost of any modifications or upgrades.

3. Can the worth of a bicycle vary between different sellers?

Yes, the worth of a bicycle can vary between different sellers. This is because sellers may have different opinions on the worth of their bicycle based on their own experiences and factors that they consider important. Additionally, the condition and demand for the bicycle may also vary between different sellers.

4. How much does the brand of a bicycle affect its worth?

The brand of a bicycle can have a significant impact on its worth. Some brands are known for their high-quality and durability, making them more valuable in the market. However, the worth of a bicycle also depends on other factors, such as the model and condition, so the brand alone does not determine the worth of a bicycle.

5. Can the worth of a bicycle change over time?

Yes, the worth of a bicycle can change over time. As new models are released and technology advances, older bicycles may decrease in worth. Additionally, the condition of a bicycle may also change over time, affecting its worth. Factors such as nostalgia and collector's items may also influence the worth of a bicycle over time.

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