Final answer:
By setting up equations based on the given information and solving for the number of pennies (2) and nickels (14), we calculate the total amount of money as 72 cents.
Step-by-step explanation:
The problem states that you have 7 times as many nickels as pennies and a total of 16 nickels and pennies combined. Let's denote the number of pennies as P and the number of nickels as N. According to the given information, N = 7P. Since the total number of coins is 16, we have N + P = 16. Substituting the first equation into the second, we get 7P + P = 16, which simplifies to 8P = 16.
Dividing both sides by 8 gives us P = 2. This means that there are 2 pennies and since there are 7 times as many nickels, N = 7 × 2 = 14 nickels. Now, to find out the total amount of money, we need to calculate the value of these coins. Pennies are worth 1 cent each, so 2 pennies equal 2 × 1 = 2 cents. Nickels are worth 5 cents each, so 14 nickels equal 14 × 5 = 70 cents. Therefore, the total amount of money is 70 cents + 2 cents = 72 cents.