Justin asked in Education & ReferenceTrivia · 8 months ago

I need help with this math word problem.?

One morning Mickey snatched a fat wallet from a traveler

and left the airport to examine his loot.To his surprise he found

no credit cards but instead $500 in traveler’s checks.After 20

minutes of practice, Mickey could sign a perfect imitation of the

victim’s signature. He then proceeded to a large department

store where all suits were being sold for 75 percent of the regular price. Mickey purchased a suit for $225 and paid for it with

$300 in stolen traveler’s checks.After the clerk who served him

went to lunch, he bought another suit for $150 and paid for it

with the remaining $200 of stolen traveler’s checks. Later,

Mickey switched the labels on the two suits and, using the receipt from the $225 suit, returned the $150 suit at a centralized return desk for a refund.The refund clerk took the suit and

gave Mickey eleven $20 bills, which he stuffed into his pocket

and disappeared.

When the department store deposited the traveler’s checks,

they were returned as forgeries. Assuming the store normally

sold suits at twice their wholesale price and used 10 percent of

sales as an overhead cost figure, what was the cash value of the

loss suffered by the store as a result of Mickey’s caper? Do not

consider taxes in your computations.

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