Answer:
He has $20 cash
Explanation:
* Lets explain how to solve the problem
- The total money with Coley is $100
∵ He spent $40 on a new reel
∴ The money left = 100 - 40 = $60
- He spent 20% of money left on some lures
∵ The money left is 60
∴ He spent on some lures = 20/100 × 60 = $12
- He spent 1/8 of his original money on hooks
∵ The original money is $100
∴ He spent on hooks = 1/8 × 100 = $12.5
∵ He spent $40 , $12 and $12.5
∴ The money left = 100 - (40 + 12 + 12.5) = $71/2
∵ He spent 31/71 of the money left on fishing license
∴ He spent on the fishing license = 31/71 × 71/2 = 31/2 = $15.5
∵ He spent $40 , $12 , $12.5 and $15.5
∵ He went with $100
∴ The money left with him = 100 - (40 + 12 + 12.5 + 15.5)
∴ The money left with him = 100 - 80 = $20
* He has $20 cash