Write a System of Equations to Describe the Problem Situation

question 32

Multiple Choice

Write a system of equations to describe the problem situation. Use guess and check to solve the problem. Two of the top-price tickets and eight of the lowest-price tickets for a Norah Jones concert cost $2,391. Three of the top-price and four of the lowest-price tickets cost $2,946.50. Find the cost of the top-price ticket.

• A) Top-price ticket costs $731.50
• B) Top-price ticket costs $675.50
• C) Top-price ticket costs $835.50
• D) Top-price ticket costs $915.50
• E) Top-price ticket costs $875.50

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Definitions:

Adjusting Entries

Documentation made at the culmination of an accounting period, aiming to allocate revenues and expenses to the correct timeframe of their occurrence.

Fiscal Year

A one-year period used for financial reporting and budgeting, which may not align with the calendar year.

Net Income

Represents the total profit of a company after all expenses and taxes have been subtracted from total revenue.

Insurance Policy

A contract between an insurer and a policyholder stipulating the terms under which the insurer agrees to compensate the insured for specific losses.