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 $320,000, then how many investors contributed $4,000 and how many contributed $8,000? X = $4,000 investors $8.000 investors
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 $320,000, then how many investors contributed $4,000 and how many contributed $8,000? X = $4,000 investors $8.000 investors
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
2.6h
Transcribed Image Text:**Educational Transcription:**
**Instruction:**
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.
**Problem:**
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 $320,000, then how many investors contributed $4,000 and how many contributed $8,000?
**Variables:**
- \( x = \) $4,000 investors
- \( y = \) $8,000 investors
**Note:**
- The capitalization and red color of the numbers ($4,000, $8,000) emphasize their significance in the problem.
Expert Solution
Step 1
given,
total investors = 60
total money raised = $320,000
Step by step
Solved in 4 steps
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