Formulate the situation as a system of two linear equations in two variables. Be

Question

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 $4,000 or $8,000. If the partnership raised $324,000, then how many investors contributed $4,000 and how many contributed $8,000?

Explanation / Answer

Let x be the number of investors who contributed $4000 and y be the number of investors who contributed $8000

x,y>=0

x+y=60

x*4000+y*8000=324000

In equation 2 we substitute the value of x from equation 1, we get

(60-y)*4000+y*8000=324000

=>y=21

and x=39

So, number of $4000 investors is 39 and number of $8000 investors is 21

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