Sean and Karen sat down months ago and created the following budget for their wedding:
Ceremony (officiator fee, marriage licence) …………………………………………. $400
Reception (location, food, drinks, rentals, cake, favours) ……………………..…… $9800
Clothes (bride’s dress, shoes, accessories, hair & makeup, groom’s suit, shoes) ….. $2200
Rings ……………………………………………………………………………...…. $800
Flowers (bride’s bouquet, bridesmaids’ bouquets, corsages & boutonnieres, centerpieces) ………………………………..……………………………………………………. $1500
Music (ceremony, DJ) …………………………………………………………….... $1400
Photography …………………………………………………………………..….… $2500
Transportation …………………………………………………………………….…. $500
Stationary (invitations, thank you cards, postage, guest book) ………………….….. $400
Gifts (bridesmaids and groomsmen) ……………………………………………..…. $500
TOTAL ………………………………………………………………………...… $20 000
a. Each set of parents has offered to contribute to the wedding. Sean already rents a small pickup truck, and now his parents have “gifted” their second vehicle to Karen. The wedding expenses are to be divided among Karen’s parents, Sean’s parents, and Sean and Karen in the ratio 4:2:2. How much will each party pay for the wedding?
b. Sean and Karen have visited several venues for their dinner and dance reception. They have narrowed the choice down to two locations. The Olympic Club will charge them a $2000 room rental and $65 per guest for dinner. The Fairmont Hotel will charge them $105 per guest.
i. If they are planning to host 120 guests at the reception, which venue is more affordable?
ii. If Sean and Karen prefer the Fairmont, and Sean’s parents offer to pay $2000 more toward the reception, how many guests can attend without pushing Sean and Karen over their new reception budget?
c. When Karen’s grandmother passed away she left a small amount of money to be shared equally between Karen and her two sisters for their weddings. Karen’s parents invested the $4000 in two mutual funds (an equity fund and a bond). Over the years the investments have grown by 17%, and now the balance in the equity fund is $750 less than three times the amount in the bond. How much money will Karen get from each of these funds toward her wedding?