Bookies

 

There is a story of how things worked in bookmaker shops in the 1950’s. Remember that in the 1950’s the pound sterling had 240 pennies (pence) to the pound.

Here is how the story was told to me;

A man goes into a bookies shop. He pays four pence (old money) to enter. Then he places ALL his money on a horse and doubles it. Then he pays four pence (old money) to go out.

He then makes his way to the second bookies further down the street. He pays four pence (old money) to enter. Then he places ALL his money on a horse and doubles it. Then he pays four pence (old money) to go out.

He then makes his way to the third bookies further down the street. He pays four pence (old money) to enter. Then he places ALL his money on a horse and doubles it. Then he pays four pence (old money) to go out.

He then makes his way to the fourth bookies further down the street. He pays four pence (old money) to enter. Then he places ALL his money on a horse and doubles it. Then he pays four pence (old money) to go out.

He walks down the street looking very dejected. A friend comes along and asks him if he would like to go for a drink. He says no, I'm skint, I lost everything I had today in the bookies.

QUESTION  How much did he have before he entered the first bookshop?

Remember that this was in the 1950’s BEFORE the sterling currency was decimalised.

First correct answer sent to me gets the prize.

Guesswork will not do it. You must show HOW you got the correct answer.

I was given this problem to solve as a 16-year-old boy on my first trip to sea. It took me about 15 mins to solve.

 

Can you do better?  

 

Please let me know how you get on.