How much money does Lucy have?

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In summary, the conversation involves finding the amount of money Lucy has after receiving an additional $20 from her grandmother, based on the given equations. By substituting for her initial amount and using the given equation for the new amount, it can be determined that Lucy has $60.
  • #1
Yazan975
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What I did is:

L/2 +20 = 3/5M

L/2+20=6/5L+20

5L+200=12L+200(after putting all of them to common denominator)

I got stuck here
 

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  • #2
Yazan975 said:
- - - Updated - - -

What I did is:

L/2 +20 = 3/5M

L/2+20=6/5L+20

5L+200=12L+200(after putting all of them to common denominator)

I got stuck here

I would let \(L\) be the amount of money Lucy had initially and \(M\) be the amount of money Mel had initially. From the information given about their initial amounts, we may state:

\(\displaystyle L=\frac{1}{2}M\implies M=2L\)

\(\displaystyle L+20=\frac{3}{5}(M+20)\)

Substitute for \(M\):

\(\displaystyle L+20=\frac{3}{5}(2L+20)\)

Can you proceed?
 
  • #3
Hi Yazan975! ;)

Originally we had L = M/2.
Then Grandma gave each an additional \$20, after which it became 3/5th.
So (L + 20) = (M + 20) x 3/5.

Since the question asks for what Lucy has now, we need to find (L + 20).

EDIT: beaten to it by Mark.
 
  • #4
MarkFL said:
I would let \(L\) be the amount of money Lucy had initially and \(M\) be the amount of money Mel had initially. From the information given about their initial amounts, we may state:

\(\displaystyle L=\frac{1}{2}M\implies M=2L\)

\(\displaystyle L+20=\frac{3}{5}(M+20)\)

Substitute for \(M\):

\(\displaystyle L+20=\frac{3}{5}(2L+20)\)

Can you proceed?

The answer sheet I have says Lucy has $60
I can't get there.
Please help

- - - Updated - - -

Yazan975 said:
The answer sheet I have says Lucy has $60
I can't get there.
Please help

Nvm, thanks I got it
 

1. How is Lucy's money managed?

Lucy's money is typically managed through a combination of bank accounts, investments, and budgeting.

2. How much money does Lucy make?

This answer can vary depending on Lucy's job, but according to the Bureau of Labor Statistics, the average annual salary for all occupations in the United States is around $56,000.

3. Where does Lucy get her money from?

Lucy's income can come from various sources such as a job, investments, inheritance, or government assistance.

4. How much money does Lucy need for retirement?

The amount of money Lucy needs for retirement depends on factors such as her desired lifestyle, current age, and retirement age. A general rule of thumb is to save at least 10-15% of your income for retirement.

5. Does Lucy have any outstanding debts?

This information would depend on Lucy's personal financial situation. She may have debts such as student loans, credit card debt, or a mortgage. It is important to manage and pay off debts in a timely manner to maintain a healthy financial status.

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