This week's word problem goes out to everyone who has received or would like to receive a new bike for the holidays! Give it a try—we'll update with the answer tomorrow!
Jessica, Kalvin, and Lloyd pitch in $30, $50, and $20 respectively to buy a bicycle. They then sold the bicycle for $80. How much should each of them get so that it is fair?
Update: Here's the solution!
The bicycle originally cost $30 + $50 + $20 = $100. That means that Jessica should get 30 / 100 = 30% of the money back, Kalvin should get 50 / 100 = 50% of the money back, and Lloyd should get 20 / 100 = 20% of the money back. So, Jessica should get 30% of $80 = $24, Kalvin should get 50% of $80 = $40, and Lloyd should get 20% of $80 = $16.