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Will John Be Paid?

John went to work for a jeweler. The first day he was there, the store owner said to him:

I have a challenge for you.  I won't pay you cash; instead, I've got this valuable gold chain here for your wage and see if you are smart enough to earn it.

See?  There are seven rings in this chain.  For each of the seven months you work here, you get one of the rings, to be paid one at a time.  The challenge is that you are allowed to cut only one of these rings.  If at any time you have to cut another ring or more rings to get your reward, you forfeit your wage altogether and get nothing from me for your work.

John thought for a second and said: "The offer is taken."

How could John get his gold chain?  >>>
 

 
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