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## Question

A man buys rice at \$1 a pound from American growers and sells them at \$0.05 a pound in India. As a result of this he becomes a millionaire. How come?

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A man buys rice at \$1 a pound from American growers and sells them at \$0.05 a pound in India. As a result of this he becomes a millionaire. How come?

She Sells cooked rice ...

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She Sells cooked rice ...

no...

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A man buys rice at \$1 a pound from American growers and sells them at \$0.05 a pound in India. As a result of this he becomes a millionaire. How come?

I think...

the exchange rate. So an American dollar is worth \$0.03 Indian Rupees. Therefore for every pound the man is profiting 2 cents. He would have to sell a lot of rice to become a millionaire at those rates though =)

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I think...

the exchange rate. So an American dollar is worth \$0.03 Indian Rupees. Therefore for every pound the man is profiting 2 cents. He would have to sell a lot of rice to become a millionaire at those rates though =)

yes it will surely take a lot of time :-P not the answer though

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I think...

the exchange rate. So an American dollar is worth \$0.03 Indian Rupees. Therefore for every pound the man is profiting 2 cents. He would have to sell a lot of rice to become a millionaire at those rates though =)

What? Indian currency is way below American Dollar. An American Dollar is worth 40 indian ruppees. Anyway both the transactions are in same currency...

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What? Indian currency is way below American Dollar. An American Dollar is worth 40 indian ruppees. Anyway both the transactions are in same currency...

both transactions are not in the same currency...

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both transactions are not in the same currency...

Ok then the dollars have to be from different countries..

Australian dollars, singapore dollars, canadian dollars..

He bought it in a dollar which has a very low value for eg. taiwanese dollar (30:1) and sold it in american dollars..

0.05 American dollar is 1.5 Taiwanese dollar

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Ok then the dollars have to be from different countries..

Australian dollars, singapore dollars, canadian dollars..

He bought it in a dollar which has a very low value for eg. taiwanese dollar (30:1) and sold it in american dollars..

0.05 American dollar is 1.5 Taiwanese dollar

no..

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He already had lots of money possibly billions and by selling the rice at a very low price he lost so much money he became a millionaire again.

Edited by dannyboy15
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If he was a billionaire to start off with, then after enough of these money-losing transactions, he would "become" (i.e. "be downgraded to") a millionaire.

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excellent!!! correct answer!! thanks for using the spoiler dannyboy!!

Edited by Nayana
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If he was a billionaire to start off with, then after enough of these money-losing transactions, he would "become" (i.e. "be downgraded to") a millionaire.

u r right too....

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[spoiler='solution

']The man is a philanthropist who bought great quantities of rice to sell to poor people at prices they could afford. He started out as a billionaire, but lost so much money in his good works that he became a millionaire!

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He has one million Indian dollars which is not worth much in the US but still would make him a millionaire

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He has one million Indian dollars which is not worth much in the US but still would make him a millionaire

He started out with at least 1 billion dollars. so when he did this he lost so much money he went from a billionare to a million dollars

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He started out with at least 1 billion dollars. so when he did this he lost so much money he went from a billionare to a million dollars

Or he just lost 1 dollar and became a millionaire

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He has one million Indian dollars which is not worth much in the US but still would make him a millionaire

Indian currency is called Rupees and not Dollars

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Perhaps the man had more money than before, and then he got poorer because a rupee is about 1/40 of a dollar.

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[spoiler='solution

']The man is a philanthropist who bought great quantities of rice to sell to poor people at prices they could afford. He started out as a billionaire, but lost so much money in his good works that he became a millionaire!

Although its not the correct section but i cannot refrain myself from posting a joke...

" Two indian couples went to a ceratin beach twon in vacation. At night, the two males having some drink at the hotel bar.

1st Male: My mom loves my wife very much.

2nd Male: Why?

1st Male: Many reasons, but one of the main is that I became a millionare after marriage.

2nd Male: For the same reason my mom dislike my wife...

1st Male: Why?

2nd Male: I was a billionare before marriage."

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Although its not the correct section but i cannot refrain myself from posting a joke...

" Two indian couples went to a ceratin beach twon in vacation. At night, the two males having some drink at the hotel bar.

1st Male: My mom loves my wife very much.

2nd Male: Why?

1st Male: Many reasons, but one of the main is that I became a millionare after marriage.

2nd Male: For the same reason my mom dislike my wife...

1st Male: Why?

2nd Male: I was a billionare before marriage."

nice one

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nice one

Thanks...

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