Question

A lawyer has found 60 investors for a limited partnership to purchase an inner-city apartment building, with each contributing either $6,000 or $12,000. If the partnership raised $486,000, then how many investors contributed $6,000 and how many contributed $12,000?

Answer 1

39 investors contributed $6,000, and 21 investors contributed $12,000.

Explanation:

Let's say that x investors contributed $6,000, and y investors contributed $12,000.

x + y = 60

6,000x + 12,000y = 486,000

x + 2y = 81

x + y = 60

y = 21

x + 21 = 60

x = 39

So, 39 investors contributed $6,000, and 21 investors contributed $12,000.

Hope this helps!