Word Problems Involving Money

WORD PROBLEMS Algebra Step 5. The price of children’s tickets is one-half the price of adults’ tickets. 1 2 ($3.00) $1.50 The gross is $15,000. 4,000($3.00) + 2,000($1.50) = $12,000 + $3,000 = $15,000 Thus, the answers check. Example 2: A collection of coins consists of nickels, dimes, and quarters. The number of quarters is twice the number of nickels, and the number of dimes is five more than the number of nickels. If the total amount of money is $5.05, how many of each type of coin are in the collection? Solution: Step 1. Let x = Number of Nickels Step 2. Then, 2x = Number of Quarters x + 5 = Number of Dimes Step 3. Total Value = (Number of Nickels)(Value of a Nickel) + (Number of Dimes)(Value of a Dime) + (Number of Quarters)(Value of a Quarter) $5.05 = (x)($0.05) + (x + 5)($0.10) + (2x)($0.25) Step 4. Solving for x: $5.05 = (x)($0.05) + (x + 5)($0.10) + (2x)($0.25) $5.05 = $0.05x + $0.10x + $0.50 + $0.50x $5.05 = $0.65x + $0.50 $0.65x = $5.05 - $0.50 $0.65x = $4.55 MA-02 Page 52 Rev. 0