Adam's small business made $500 this week. He spends $210 on food and bills. Later he puts 5/6 of the remaining money into the business account and keep 1/4 for himself. He was then paid $50 by a customer for a previous debt. How much money does he have now?
My working out:
$500 - $210 = $290
5/6 X 290 = $241.67
1/4 X 241.67 = $60.42
$60.42 + $50 = $110.42
Is this working out correct?
I don't like seeing just a bunch of calculations without knowing what they represent.
I always insisted that each calculation has to be defined as in ...
amount left after food and bills = $500 - $210 = $290
amount put into business account = (5/6)($290) = $241.67
amount left over = $290-$241.67 = $48.33
Here is where your error comes in, probably due to the poor wording of the question.
It said to keep 1/4 for himself. 1/4 of what?? It would have to be 1/4 of what remains, he already
put 5/6 into the business account, so only 1/6 would have remained not 1/4. Notice your
amount of $241.67 and $60.42 would amount to more than $290, the amount he had left.
amount he has after he is paid $50 = 48.33 + 50 = $98.33
I think its subtracting
Bal. = 500-210 = $290.
1-5/6 = 6/6-5/6 = 1/6 remains.
Bal. = 1/6 * 290 = $48.33.
Bal. = 1/4 * 48.33 = $12.08.
Bal. = 12.08 + 50 = $62.08.
Yes, your working out is correct! Let's break it down step by step:
1. Adam's small business made $500 this week.
- So, Adam has $500.
2. He spends $210 on food and bills.
- Subtract $210 from $500: $500 - $210 = $290.
- Adam has $290 remaining.
3. He puts 5/6 of the remaining money into the business account.
- Multiply $290 by 5/6: $290 * 5/6 = $241.67.
- Adam adds $241.67 to his business account.
4. He keeps 1/4 of the remaining money for himself.
- Multiply $241.67 by 1/4: $241.67 * 1/4 = $60.42.
- Adam keeps $60.42 for himself.
5. He was paid $50 by a customer for a previous debt.
- Add $50 to $60.42: $50 + $60.42 = $110.42.
- Adam now has $110.42.
So, after all the calculations, Adam has $110.42 remaining.