Problem related to Money | AMC 8, 2002

Contents

Problem related to Money – AMC-8, 2002 – Problem 25
- Key Concepts
Check the Answer
Try with Hints
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Try this beautiful problem from AMC-8, 2002 related to money (problem 25).

Loki, Moe, Nick and Ott are good friends. Ott had no money, but the others did. Moe gave Ott one-fifth of his money, Loki gave Ott one-fourth of his money and Nick gave Ott one-third of his money. Each gave Ott the same amount of money. What fractional part of the group’s money does Ott now have?

\(\frac{1}{3}\)
\(\frac{1}{4}\)
\(\frac{3}{4}\)

Key Concepts

Algebra

Number theory

fraction

Check the Answer

But try the problem first…

Answer:\(\frac{1}{4}\)

Source

Try with Hints

First hint

Each Friend gave Ott the equal amount of money

Can you now finish the problem ……….

Second Hint

Assume that ott gets y dollars from each friend

Can you finish the problem……..

Final Step

Given that Ott gets equal amounts of money from each friend,
we can say that he gets y dollars from each friend.
This means that Moe has 5y dollars,
Loki has 4y dollars, and Nick has 3y dollars.
The total amount is 12y dollars,
Therefore Ott gets 3y dollars total,
Required fraction =\(\frac{3y}{12y} = \frac{1}{4}\)