Business and Finance word problems (cost of food)

[zhyia]

A savings bank offers 3.25% pm 1-year time deposits. If you place 900 in an account, how much wil you have at the end of the year?

900 / 325 for one year deposit = 29.25

900 + 29.25 = 929.25 will be the account balance at the end of that yea

If the total bill at a restaurant for 10 people is $572.89, including an 18% tip, what was the cost of the food?

485.50 / 18% = 87.39

. . .572.89
. . .- 87.39
. . .---------
. . .485.50

The bill would be 485.50.

 

[Mrspi]

Let f be the cost of the food. The tip is 18% of this cost, or 0.18f. The total of the food cost and the tip is $572.89.

So,
f + 0.18f = 572.89
1.18f = 572.89

Now, divide both sides of the equation by 1.18 and you will get the correct food cost. And it is always a good idea to check your answers.