A stack of $5 and $20 bills was counted by the treasurer of an orginization. The total value of the money was $1710 and there were 47 more $5 bills than $20 bills. Find the number of each type bill

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Answer:

There are 106 $5 bills and 59 $20 bills.

Step-by-step explanation:

1. Let us call the number of $5 dollar bills x and the number of $20 bills y.

The problem states that the total value of the money was $1710. This means that the total value of the $5 and $20 bills together is $1710. We can write this as:

5x + 20y = 1710

We are also given that there were 47 more $5 bills than $20 bills. We can write this as:

x = y + 47

2. Thus, we have two simultaneous equations:

(1) 5x + 20y = 1710

(2) x = y + 47

3. Our aim is now to solve for x and y to find the number of each type of bill.

Now there are many different methods of solving from this point onwards, however I personally would substitute x = y + 47 into equation (1), simply because this method does not require any extra rearranging.

I would also simplify equation (1) before substituting to make calculations easier (especially in the case you are not using a calculator) - note however that this isn't compulsory and you would still get the same answer without simplification.

Thus, simplifying we get:

5x + 20y = 1710

x + 4y = 342 (Divide both sides by 5)

Now, substituting in x = y + 47, we get:

x + 4y = 342

(y + 47) + 4y = 342 (Substitute x for y + 47)

5y + 47 = 342 (y + 4y = 5y)

5y = 295 (Subtract 47 from both sides)

y = 59 (Divide both sides by 5)

Now that we know that y = 59, we can substitute this back into x = y + 47 to solve for x:

x = 59 + 47

x = 106

4. Thus, x = 106 and y = 59.

This means that there are 106 $5 bills and 59 $20 bills.

The key to this problem is to recognise the need to set up a set of simultaneous equations and then solve for the respective variables.

Hope that helped but if you have any further questions please feel free to comment below :)

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