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Seven-Eighths of Jim Whyte's Inventory Was Destroyed by Fire

Question 24

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Seven-eighths of Jim Whyte's inventory was destroyed by fire. He sold the remaining part, which was slightly damaged, for one-third of its value and received $1400.
a) What was the value of the destroyed part of the inventory?
b) What was the value of the inventory before the fire?

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Let the slightly damaged part ...

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