SOLUTION: Seven people decide to share the cost of a yacht. By bringing in an additional partner, they can reduce the cost to each person by $2000. What is the total cost of the yacht?

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Question 586026: Seven people decide to share the cost of a yacht. By bringing in an additional partner, they can reduce the cost to each person by $2000. What is the total cost of the yacht?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
Hint: if C is the cost of the yacht and x is the cost per person (for 7 people), then

C/7 = x

represents the idea that the cost divided amongst 7 people is x


Now divide that same cost by 8 people to get the cost per person to drop by $2000 which gives us

C/8 = x-2000


From here, you can plug in x = C/7 to get


C/8 = C/7 - 2000


Now solve for C. I'll let you do that.