Question

The school held a bake sale as a fundraiser for a DI project. The bake sale only accepted quarters, loonies, and toonies. ⅓ of the coins in the bank are quarters and ⅕ of the coins are loonies. There are 48 toonies. How much money did the fundraiser make?

Answer 1

The fund raiser made $124.5

Explanation:

Firstly, we need to understand what is meant by loonie, toonie and quarter.

All are units of the Canadian dollars currency. Loonie refers to 1 dollar, toonie refers to 2 dollars while quarter refers to 25 cents.

Now, let the total number of coins present be x.

From the question, we are made to know that 48 are toonies.

Now this 48 corresponds to a fraction of; 1 - 1/3-1/5 ( this will give us the fraction of toonies present) = 1-8/15 = 7/15

7/15 * x = 48

7x = 48 * 15

x = 720/7 = 102.58 which is approximately 103

1/3 of these are quarters = 1/3 * 103 = approximately 34

1/5 are loonies = 1/5 * 103 = approximately 20

Now we use the respective amount multiplied by each of the values to get the amount of each of the coins

For the quarters, we have 25 cents. * 34 = $8.5

For the loonies, we have 20 * 1 = $20

For the toonies, we have 48 * 2 = $96

Total amount is thus 20 + 96 + 8.5 = $124.5