Homework Help: Finance

Posted by Ruth on Friday, February 3, 2012 at 7:56am.

You will need the following info to solve the problem:

You can cover a sheet of paper with 6 $100 bills

There are 500 sheets of paper in 1 ream

There are 10 reams in 1 carton

Imagine that you have inherited $1 million . The bank has only $700,000 in $100 bill. The bank gives you the rest of the money in $20 bills and $10 bills. Your suitcase will hold as much as 1 carton of paper.
Will $1 million dollars fit in your suitcase?
Show all of your work. Explain what you did to solve the problem.

Finance - Reiny, Friday, February 3, 2012 at 9:17am
$700 000 in $100 bills = 7 000 bills

1 sheet of paper = 6 bills
1 ream = 500 sheets = 3000 bills
1 carton = 10 reams = 30 000 bills
Your suitcase can hold 30 000 bills , so far we only used space for 7000 $100 bills.

for the remaining $300 000 , you don't say how many 20's and how many 10'

worst case, all $10's ....
then we would need 30 000 of these, not enough space.

suppose we take half in 20, and half in 10's
150 000/20 = 7500 bills
150 000/10 = 15000 bills,
15000 in tens + 7500 in 20's + 7000 in 100's = 29500 bills

that would work

Are you sure it did not specify how much in 20's and 10's ?

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