Final answer:
By setting up an equation where 4x equals 5(x - $2), we can solve for x to find that each of the original four friends would have paid $10. Multiplying by 4, we get $40, and adding the fifth friend's contribution of $8 gives us a total cost of $48 for the gift.
Step-by-step explanation:
The original four friends would have each paid a certain amount, let's call this amount x. When a fifth friend joins, each now pays $2 less, meaning they each pay x - $2. We can set up the equation like this: 4x = 5(x - $2). Solving for x, we get 4x = 5x - $10. This simplifies to x = $10, which is the amount each of the original four friends was going to pay. To find the total cost of the gift, we can multiply $10 by the 4 original friends: $10 x 4 = $40. However, the fifth friend also contributes $8 (since the original contribution minus $2 is $8), so we add that to the total: $40 + $8 = $48. Therefore, the gift costs $48.