Can someone assist? Formulate the situation as a system of two linear equations

Question

Can someone assist?

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 $5,000 or $10,000. If the partnership raised $420,000, then how many investors contributed $5,000 and how many contributed $10,000?

Explanation / Answer

We have,

x + y = 60 --- 1)

5000x + 10000y = 420000

Thus, 5x + 10y = 420

i.e. x + 2y = 84 --- 2)

Solving 1) and 2),

we get

x=36, y =24

Thus,

x = 36 $5000 investors

y = 24 $10000 investors

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