What is the smallest number of cheques needed to settle the following debts, if all debts are paid by cheque? Ann owes Penny $20.00 Penny owes Mary $40.00 Mary owes Claire $60.00 and Claire owes Ann $80.00
Does anybody know the answer.
Thank you,
Frankie

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Find out the total of what each person owes or is owed (regardless of to whom or from whom). For example, in the case of Mary, she's owed $40, but she owes $60. The net result is that when all is said and done, she owes $20 (to somebody).

Once you calculate the net for all four people, it should be obvious how they can resolve their debts with the fewest number of cheques.