Question: Raymond and Faris share the price of a bag of chips.
Raymond pays 485 cents and Faris pays $1.20 less than Raymond.
How much is the bag of chips?
1. **State the problem:** We need to find the total price of the bag of chips shared by Raymond and Faris.
2. **Define variables:** Let the price Raymond pays be $R = 485$ cents.
Faris pays $1.20$ less than Raymond, so Faris pays $F = R - 120$ cents (since $1.20 = 120$ cents).
3. **Write the total price formula:** Total price $T = R + F$
4. **Substitute Faris's payment:**
$$T = R + (R - 120)$$
5. **Simplify:**
$$T = 485 + (485 - 120)$$
$$T = 485 + 485 - 120$$
$$T = 970 - 120$$
$$T = 850$$
6. **Interpret the result:** The total price of the bag of chips is $850$ cents.
7. **Convert to dollars:**
$$850 \text{ cents} = \frac{850}{100} = 8.50$$ dollars.
**Final answer:** The bag of chips costs $8.50$.