Question

Artville is deciding whether to purchase a new statue for the center of town. The statue will cost the city $17,000 and will only be purchased if the costs are covered. The city is asking for households to help cover the cost of the statue, but households are not forced to contribute. Instructions: Enter your answer as a whole number.

Required:
a. If households are asked to contribute $5 each to help cover the cost of the statue, how many households will need to contribute?
b. If the population of Artville is 4,000 households, of which 3,000 households are expected to free ride, will the city be able to afford the statue if it charges each household $14?

Answer 1

a. 3,400 households

b. No

Step-by-step explanation:

a. The computation of the number of families is shown below:-

Total Cost = No.of families contributing × Amount each family contributing

$17,000 = No of families × 5

Number of families = $17,000 ÷ 5

= 3,400 households

b. According to the question, it is mentioned that Artville 's population is 4,000 of which 3,000 households are expected to travel freely, which means that these 3,000 people will not pay for the statue and the entire burden of the statue 's cost will fall on the left amount 1,000.

Total cost = No of households contributing × Amount each household pays

= 1,000 × $14

= $14,000

We may conclude that we will not be able to buy this statue because the sum raised is only 14,000, although we need $17,000 to buy the statue. To this question, the answer is "No".