Question

Supporti:789611[ Report a problemQuestion Number 5Pundit purchased a total of $1,400 worth of traveler's cheques in $10 and $50 denominations, Duringthe trip Pundit cashed 7 cheques and then lost all of the rest. If the number of $10 cheques cashedwas one more or one less than the number of $50 cheques cashed, what is the minimum possiblevalue of the cheques that were lost?1150117012101270​

Answer 1

Answer:

Let the number of $10 checks cashed be "T"

Let the number of $50 checks cashed be "F"

7 checks cashed;

T+F=7

Now; T can be F+1 OR T can be F-1

Let's check both conditions;

T=F+1

T+F=7

F+1+F=7

2F=6

F=3

T=4

Value cashed = 3*50+4*10=150+40=$190

Let's check the other condition as well;

T=F-1

T+F=7

F-1+F=7

2F=8

F=4

T=3

Value cashed = 4*50+3*10=200+30=$230

The more money he cashes, the less loss he incurs. Thus, we must consider the latter case.

Value cashed = $230

Value lost = 1500-230 = $1270