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denpristay
2 months ago
8

Kathy and Mark Smith believe investing in their retirement is critical. Kathy began investing 20% of each paycheck in a retireme

nt account when she was 20 years old. She has saved four times more than Mark who began saving when he was 35. If their total retirement savings equals $1,530,000, how much are Kathy’s and Mark's investments worth?

Mathematics
1 answer:
Zina [12.3K]2 months ago
5 0

Answer:

Kathy: $1,224,000

Mark: $306,000

Please refer to the attachment.

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Let’s define the number of nickels as n,

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The total quantity of coins is 844.

We can express this as "number of nickels + number of dimes + number of quarters = Total coins.

Thus, we can form an equation from this statement as

n+d+q = 844            ---------------------equation(1).

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Consequently, the number of quarters equals the number of dimes.

This leads to another equation:

q = d                          ------------------------equation(2).

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We can create a further equation representing this statement as

n = two times the number of dimes

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Three equations have been established.

Let’s solve this system of three equations using substitution methods.

By substituting q = d and  n= 2d  into equation (1), we obtain

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2d +d + d = 844.

Adding up the d's, gives us

4d =844.

Dividing both sides by 4 yields

\frac{4d}{4}=\frac{844}{4}

d = 211.

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We know that the number of quarters equals the number of dimes.

Thus, the total count of quarters is 211.

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Hence, the number of nickels = 844 -  (sum of quarters and dimes).= 844 -(211+211) = 844 - 422

= 422.

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the total of nickels = 422.

Now, let’s compute the total values of all coins.

A nickel is valued at $0.05

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A quarter is valued at $0.25.

The total value = 0.05 *(number of nickels) + 0.10*(number of dimes) + 0.25*(number of quarters).

=[ 0.05* 422 + 0.10 *211 + 0.25*211].

= 21.10 + 21.10 + 52.75.

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So, the total worth of all 844 coins = $94.95.

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Response:

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