Final answer:
After applying a $5 discount to the initial $16, the student has $11 remaining. With each bottle of olive oil costing $7, the student can purchase one bottle and will have $4 left over.
Step-by-step explanation:
First, we apply the discount to the initial amount of money the student has. If the student has $16 initially and a $5 discount, we subtract the discount from the total amount:
$16 - $5 = $11
Next, we determine how many bottles of olive oil can be purchased with the remaining money. Each bottle costs $7, so we divide the remaining money by the cost per bottle:
$11 ÷ $7 ≈ 1.57
Since the student cannot buy a fraction of a bottle, we round down to the nearest whole number, which is 1 bottle. Therefore, the student can buy one bottle of olive oil and will have $11 - $7 = $4 left over.