Final answer:
Oliver has $47 in his savings. We determine this by setting up an equation where x represents Oliver's savings and 2.5x represents Matthew's savings, which combined equal $164.50. Solving for x gives us the amount Oliver has saved.
Step-by-step explanation:
Let's solve for Oliver's savings, which are represented by x. Since Matthew has 2.5 times as much money as Oliver, we can express Matthew's savings as 2.5x. The problem states that together they have $164.50. We can set up the following equation to represent the total savings:
x + 2.5x = $164.50
This simplifies to 3.5x = $164.50. To find x, we divide both sides of the equation by 3.5:
x = $164.50 / 3.5
x = $47
Therefore, Oliver has $47 in his savings.