Word Problem - Help Please!

Question

If I have 415 transactions and know there are only two types of transactions (H&L) with a total average fee of 1.4 and I know transaction H has an average fee of 1.20 can I calculate the average fee for L and the individual transaction volumes for both H and L? I should also note that the total fees for both transactions (H&L) is 581.

total transactions*total average fee=total fees  (415*1.4 = 581)
transH*1.2 = feeH
transL*avgL = feeL

It is possible I am not given enough information to come up with the missing values.

 

Any help would be greatly appreciated.

Thank you!

Answer 1

Try setting it up like this. Let x = H Transactions. Then 415 - x = L Transactions. Call the average fee for an L Transaction y. Then, where row 1 is H, row 2 is L, and row 3 is total:

 

 

TOTAL TRANSACTIONS        AVERAGE FEE        TOTAL FEES

x                                                   1.2                       1.2x

415 - x                                         y                          y(415-x)

415                                             1.4                          581

 

 

1.2x + y(415-x) = 581

 

 

It seems to me like you need one more piece of information to solve the problem.