Ace, Ian and Ray had the same number of notes. Ace and Ian had a mix of $100-notes and $20-notes. Ian had 2 $100-notes while Ace had 12 $100-notes. Ray only had $100-notes.

1. Who had the least amount of money?
2. How much less did Ian have than Ace?
3. Ace used all his $20-notes to buy a wallet. He then had $3400 less than Ray. How many $100-notes did Ray have?

(a)
The three boys had the same number of notes.
$100-notes have a higher denomination than $20-notes.

Since Ian had the least number of $100-notes, he had the least money.

(b)
Number of less $100-notes that Ian had than Ace
= 12 - 2
= 10

Difference in the value of $100-note and $20-note
= 100 - 20
= $80

Amount that Ian had less than Ace
= 10 x 80
= $800

(c)
Value of $100-notes that Ace had left
= 12 x 100
= $1200

Total value that Ray had
= 1200 + 3400
= $4600

Number of $100-notes that Ray had
= 4600 ÷ 100
= 46

Answer(s): (a) Ian; (b) $800; (c) 46