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SurReality
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sort of basic algebra question.
#19076336 - 11/02/13 05:55 PM (10 years, 2 months ago) |
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how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
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Fox7
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Re: sort of basic algebra question. [Re: SurReality]
#19076384 - 11/02/13 06:07 PM (10 years, 2 months ago) |
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Quote:
SurReality said: how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
Could you phrase it a little differently? I'm a little confused. I think what your looking for is: y: 500 (1.02)^x (x being the number of times you apply the fee. Like if it was a monthly thing, x would be number of months since the start.)
Edited by Fox7 (11/02/13 06:08 PM)
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MHbound
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Re: sort of basic algebra question. *DELETED* [Re: Fox7]
#19076445 - 11/02/13 06:21 PM (10 years, 2 months ago) |
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Post deleted by MHboundReason for deletion: Reposted
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MHbound
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Re: sort of basic algebra question. [Re: MHbound] 1
#19076453 - 11/02/13 06:22 PM (10 years, 2 months ago) |
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(X * .02) + X
where X is the amount charged
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076604 - 11/02/13 06:59 PM (10 years, 2 months ago) |
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the amount charged is a %.
basically i need to know how to add on the fee to the price i want to receive after the price. if i add on percent of the price i want to receive the increase in price increase the fee so i get slightly less than desired.
its not a monthly thing. it individual sales.
so if i add 2% of 500 to 500 and get 510 then the fee is 10.20 and i only actually get 499.80 when i want 500.
its pretty basic, but if you haven't had this type of question before its tricky to figure out the formula. hopefully someone just knows because i know a lot of college folk are up in here.
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MHbound
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Re: sort of basic algebra question. [Re: SurReality] 1
#19076625 - 11/02/13 07:06 PM (10 years, 2 months ago) |
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How does what I not posted above work?
X * .02 === This is 2 percent of whatever is charged
+ X === This adds back on the original price
So lets say its 510 is the amount charged
510.00 * .02 = 10.20
+ 510.00 = 520.20
Normally .20 would be rounded off but since it is a dollar amount you have to carry it. Adding .00 to whole numbers will make the calculator carry it.
Maybe there is a better way I will wait around.
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Midnight_Toker
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Re: sort of basic algebra question. [Re: SurReality] 3
#19076634 - 11/02/13 07:09 PM (10 years, 2 months ago) |
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500 * .02 + 500
2% of 510 is 10.20, 2% of 500 is 10
The same math applies for any amount and percentage you want to do. I think you just messed up in that you're trying to get 510 total but you're adding the 2% to the 510 already when you should be adding it to the 500 instead.
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zappaisgod
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Re: sort of basic algebra question. [Re: SurReality] 2
#19076673 - 11/02/13 07:22 PM (10 years, 2 months ago) |
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I don't think you have to pay a 2% fee on the 2% fee.
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Sheekle
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Re: sort of basic algebra question. [Re: zappaisgod]
#19076681 - 11/02/13 07:23 PM (10 years, 2 months ago) |
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Basic is the opposite of acidic. Period. End of story. Done. There you go. Just like that.
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NotTheDevil
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Re: sort of basic algebra question. [Re: SurReality] 1
#19076694 - 11/02/13 07:26 PM (10 years, 2 months ago) |
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Quote:
SurReality said: how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
It would be 500 * 0.02= 10 | then 500 + 10 =510
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zappaisgod
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Re: sort of basic algebra question. [Re: NotTheDevil]
#19076703 - 11/02/13 07:28 PM (10 years, 2 months ago) |
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NotTheDevil
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Re: sort of basic algebra question. [Re: zappaisgod]
#19076709 - 11/02/13 07:29 PM (10 years, 2 months ago) |
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Quote:
zappaisgod said:

Dont forget to carry the bacon
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user1837483975


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Re: sort of basic algebra question. [Re: SurReality]
#19076745 - 11/02/13 07:38 PM (10 years, 2 months ago) |
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Quote:
SurReality said: how do you calculate how much to increase the price of something when there is a transaction fee? i remember learning this in my last math class but its been years.
say i am charging someone $500 for something but there is a 2% credit card fee. i can't just multiply 500*1.02 to get a price of $510 because 2% of 510 is $10.20 not 10.
thanks.
The percentage increase for credit cards is charged on the initial price (in this case $500), not on the actual dollar amount that you transfer. You will pay $510 which includes the credit card fee.
I'm not sure on this, but I think you may be confusing what you need to do here with the compound interest formula, which is M = P( 1 + i )^n.
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SurReality
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canberra you might be right, not sure what you mean.
you guys are not getting this lol. ok so i want to receive 500. but the customer is going to pay the fee it takes for me to get 500 after the fee is taken out.
if he pays 510, 10.20 will go to the CC processor and i will get 499.80 not 500.
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076774 - 11/02/13 07:46 PM (10 years, 2 months ago) |
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Quote:
MHbound said: How does what I not posted above work?
X * .02 === This is 2 percent of whatever is charged
+ X === This adds back on the original price
So lets say its 510 is the amount charged
510.00 * .02 = 10.20
+ 510.00 = 520.20
Normally .20 would be rounded off but since it is a dollar amount you have to carry it. Adding .00 to whole numbers will make the calculator carry it.
Maybe there is a better way I will wait around.
ok i see where you're confused. what ever i charge the fee is deducted from my charge so i get less. not added to, thats just how CC processors work.
so i have to figure what to add, that is the whole point of this thread.
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MHbound
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Re: sort of basic algebra question. [Re: SurReality]
#19076778 - 11/02/13 07:47 PM (10 years, 2 months ago) |
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So, Y - (Y*.02)
510 - (510 * .02) 510 - 10.20 =499.80
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zappaisgod
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Re: sort of basic algebra question. [Re: SurReality]
#19076815 - 11/02/13 07:53 PM (10 years, 2 months ago) |
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Quote:
SurReality said: canberra you might be right, not sure what you mean.
you guys are not getting this lol. ok so i want to receive 500. but the customer is going to pay the fee it takes for me to get 500 after the fee is taken out.
if he pays 510, 10.20 will go to the CC processor and i will get 499.80 not 500.
OMG! You got beat for 20 whole cents! Why, you would have to charge 510 and 20.4 and on and on and on in a fibonacci series of diminishing cents. I suspect this could turn out to be an asymptote of a fractally realized topological space.
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076845 - 11/02/13 07:58 PM (10 years, 2 months ago) |
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the fact that its only 20 cents doesn't answer the question. have you considered that maybe a business thrives on more than one sale?
wow i kno this is a simple question because i have done this before in algebra class. forget it i guess i give this place too much credit when i assumed someone here could answer a basic math question.
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SurReality
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Re: sort of basic algebra question. [Re: SurReality]
#19076861 - 11/02/13 08:02 PM (10 years, 2 months ago) |
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fuck it i'll just add 2.1% to more than make up for the fee. 500*1.021= 510.5 and 510.5-2%= $500.29 so i get more than desired.
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zappaisgod
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Re: sort of basic algebra question. [Re: SurReality]
#19076867 - 11/02/13 08:03 PM (10 years, 2 months ago) |
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Quote:
SurReality said: fuck it i'll just add 2.1% to more than make up for the fee. 500*1.021= 510.5 and 510.5-2%= $500.29 so i get more than desired.
Duh.
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bait_
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Re: sort of basic algebra question. [Re: zappaisgod]
#19076880 - 11/02/13 08:05 PM (10 years, 2 months ago) |
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this thread will reach 5 pages.
guaransheed.
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user1837483975


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Re: sort of basic algebra question. [Re: bait_]
#19076906 - 11/02/13 08:10 PM (10 years, 2 months ago) |
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Oh, I see what you're saying now. You need to charge $510.204.
500/98*100 = 510.2040....
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SurReality
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thanks. that is the formula i need.
the winner formula is x=desired price x/98*100
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MHbound
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Re: sort of basic algebra question. [Re: SurReality] 2
#19076941 - 11/02/13 08:20 PM (10 years, 2 months ago) |
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It took you 4 posts to get anyone to understand...Don't blame us for your poor explanation.
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076949 - 11/02/13 08:23 PM (10 years, 2 months ago) |
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yea its my fault you don't understand a simple question. sorry.
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MHbound
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Re: sort of basic algebra question. [Re: MHbound]
#19076954 - 11/02/13 08:24 PM (10 years, 2 months ago) |
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(x/98)100
is what it would be written as technically though. if you multiplied first it would give you the wrong answer so you have to put the division in parenthesis.
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SurReality
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Re: sort of basic algebra question. [Re: MHbound]
#19076958 - 11/02/13 08:26 PM (10 years, 2 months ago) |
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technically it doesn't matter because division and multiplication at done in order its written.
type 500/98*100 and (500/98)100 in a calculator and you get the same thing.
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user1837483975


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Re: sort of basic algebra question. [Re: MHbound]
#19076961 - 11/02/13 08:27 PM (10 years, 2 months ago) |
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Quote:
MHbound said: (x/98)100
is what it would be written as technically though.
Actually, those brackets are redundant, you complete the division before the multiplication anyway. Order of operations.
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MHbound
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Re: sort of basic algebra question. [Re: SurReality]
#19076991 - 11/02/13 08:36 PM (10 years, 2 months ago) |
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edit: i dont know
i thought you would do division first without parenthesis and that would change your answer
you do division before you multiple.
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Edited by MHbound (11/02/13 08:44 PM)
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Acidic_Sloth
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not always. division and multiplication are interchangeable the same as addition and subtraction are. once everything in parentheses has been completed you then move from left to right in the problem performing the indicated operations as they appear while still following the order of operations--so, multiplication and division will always come before addition and subtraction. if all you have is multiplication and division to begin with, you would move from left to right. besides, order of operations is PEMDAS, so if it is how you say, then multiplication would always come first.
in this case, it doesn't matter which order you do it in, but that won't always be the case. if you have more complex problems, you would definitely need parentheses (they are parentheses and not brackets, btw).
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user1837483975


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Re: sort of basic algebra question. [Re: Acidic_Sloth]
#19077042 - 11/02/13 08:49 PM (10 years, 2 months ago) |
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That's misleading to say that they're interchangeable. In this instance, the answers will be almost the same, but out by a few decimal places (if completed in the wrong order)
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Acidic_Sloth
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no, it's really not. that is how it works. it just proves that, in this problem, the parentheses are not redundant and that is why the formula would be expressed in the way MHbound showed.
Quote:
A common technique for remembering the order of operations is the abbreviation "PEMDAS", which is turned into the phrase "Please Excuse My Dear Aunt Sally". It stands for "Parentheses, Exponents, Multiplication and Division, and Addition and Subtraction". This tells you the ranks of the operations: Parentheses outrank exponents, which outrank multiplication and division (but multiplication and division are at the same rank), and these two outrank addition and subtraction (which are together on the bottom rank). When you have a bunch of operations of the same rank, you just operate from left to right. For instance, 15 ÷ 3 × 4 is not 15 ÷ 12, but is rather 5 × 4, because, going from left to right, you get to the division first.
http://www.purplemath.com/modules/orderops.htm
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Mountainmusic
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Re: sort of basic algebra question. [Re: Acidic_Sloth]
#19077420 - 11/02/13 10:10 PM (10 years, 2 months ago) |
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I used to teach math:
Divide the smallest integer by the rounded sum of the cube root of the denominator.
"Thane", subtract the value of Pi ... or at least have some pie.
Next, calculate the vector of the last, then largest known quotient you squared.
If that's less than zero, you fail, go back to the beginning. Do not pass "GO".
A slide rule may help during the following step:
Access the derivative of your buyer ... either derive it from him with advanced quadratic equations, or just whack him with the slide rule.
You answer may come to you at this point ... but results vary ...
Hope this helped ... I don't teach math anymore ...
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volcomstoner
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Re: sort of basic algebra question. [Re: Mountainmusic] 2
#19077425 - 11/02/13 10:11 PM (10 years, 2 months ago) |
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Quote:
Mountainmusic said: I used to teach math
Are you lying to me???
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pwnasaurus
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Re: sort of basic algebra question. [Re: SurReality]
#19077496 - 11/02/13 10:31 PM (10 years, 2 months ago) |
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Quote:
SurReality said: technically it doesn't matter because division and multiplication at done in order its written.
type 500/98*100 and (500/98)100 in a calculator and you get the same thing.
The term for this property is that multiplication and division are "commutative".
http://en.wikipedia.org/wiki/Commutative_property
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SurReality
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Re: sort of basic algebra question. [Re: Acidic_Sloth]
#19077584 - 11/02/13 10:47 PM (10 years, 2 months ago) |
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Quote:
Acidic_Sloth said: no, it's really not. that is how it works. it just proves that, in this problem, the parentheses are not redundant and that is why the formula would be expressed in the way MHbound showed.
Quote:
A common technique for remembering the order of operations is the abbreviation "PEMDAS", which is turned into the phrase "Please Excuse My Dear Aunt Sally". It stands for "Parentheses, Exponents, Multiplication and Division, and Addition and Subtraction". This tells you the ranks of the operations: Parentheses outrank exponents, which outrank multiplication and division (but multiplication and division are at the same rank), and these two outrank addition and subtraction (which are together on the bottom rank). When you have a bunch of operations of the same rank, you just operate from left to right. For instance, 15 ÷ 3 × 4 is not 15 ÷ 12, but is rather 5 × 4, because, going from left to right, you get to the division first.
http://www.purplemath.com/modules/orderops.htm
not sure if you're joking. but adding/subtracting and dividing/multiplying come in the same or in the order of operations. so if a division is expressed first with not brackets then that comes before multiplication. punch 2/4*2 and (2/4)2 in a calculator and you get the same answer.
you're quote actually agrees with this.
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qbe
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Re: sort of basic algebra question. [Re: SurReality]
#19077687 - 11/02/13 11:10 PM (10 years, 2 months ago) |
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The derp in this thread is epic, it's middle school math at the most.
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pwnasaurus
Stranger



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Re: sort of basic algebra question. [Re: qbe]
#19077695 - 11/02/13 11:11 PM (10 years, 2 months ago) |
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Quote:
qbe said: The derp in this thread is epic, it's middle school math at the most.
Emphasis on at most.
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SurReality
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Re: sort of basic algebra question. [Re: qbe]
#19077728 - 11/02/13 11:17 PM (10 years, 2 months ago) |
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i haven't been to middle school for like 13 years.
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Mountainmusic
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Re: sort of basic algebra question. [Re: volcomstoner]
#19078991 - 11/03/13 06:42 AM (10 years, 2 months ago) |
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joking ,,having some fun
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