6. 12 points BerrFinMath1 3.1.008. My Notes Ask Your Teach Formulate the situati

Question

6. 12 points BerrFinMath1 3.1.008. My Notes Ask Your Teach Formulate the situation as a system of two linear equations in two variables. Be sure to state clearly the meaning of your x- and y-variables. Solve the system by the elimination method. Be sure to state your final answer in terms of the original question. A lawyer has found 60 investors for a limited partnership to purchase an inner-city apartment building, with each contributing either $6,000 or $12,000. If the partnership raised $504,000, then how many investors contributed $6,000 and how many contributed $12,000? $6,000 investors $12,000 investors need"-T tetil Need Help? Show My Work (Optional) Submit Answer S Save ProgressPractice Another Version

Explanation / Answer

Solution 1:

Let x be the number of investors who contributed $6000 and y be the number of investors who contributed $12000. The required equations are:

x + y = 60

6000x + 12000y = 504000

On solving we get,

x =36 and y = 24

Solution 2:

Let the number of nickles be x and dimes be y. We require the cost of nickle and dime to formulate the equation pertaining to cost.

Cost of 1 nickle coin = 5 cents

Cost of 1 nickle coin = 10 cents

The required equations are:

x + y = 60   (1)

5x + 10y = 440   (2)

Multipying eq 1 by 5 and solving the equations,

we get x = 32 and y = 28

Related Questions

Navigate

• Browse (All)
• Browse 6
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.