An ice cream shop owner pays $0.12 per regular cone and $0.23 per waffle cone. Customers are allowed to choose which type of ice cream cone they would prefer. If two-thirds of the 276 cones sold last week were waffle cones, how much did the owner spend on waffle cones last week?
First, we need to determine how many regular cones and waffle cones were sold last week.
Let x be the number of regular cones sold and y be the number of waffle cones sold.
From the information given, we can create a system of equations:
x + y = 276 (total number of cones sold)
y = 2x/3 (since two-thirds of the cones sold were waffle cones)
Substitute the second equation into the first equation:
x + 2x/3 = 276
3x + 2x = 828
5x = 828
x = 165
Therefore, the number of regular cones sold is 165, and the number of waffle cones sold is 276 - 165 = 111.
Next, we need to calculate how much the owner spent on waffle cones last week:
Cost of waffle cones = 111 * $0.23 = $25.53
Therefore, the owner spent $25.53 on waffle cones last week.