In 1978 Juan bought 30 ounces of gold for $6,450 as protection against rising inflation. He sold half the gold in 1980 at a price of $580 an ounce. Juan sold the other half in 1982 when the price was $365 an ounce. What was Juan’s profit in 1980 and in 1982?

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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In 1978 Juan bought 30 ounces of gold for $6,450 as protection against rising inflation. He sold half the gold in 1980 at a price of $580 an ounce. Juan sold the other half in 1982 when the price was $365 an ounce.

What was Juan’s profit in 1980 and in 1982?

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