The price of the present is £45.
<u>Step-by-step explanation</u>:
<u>step 1</u> :
Let,
Savings of Fred = 3x
Savings of George = 4x
<u>step 2</u> :
share of Fred = 2y
share of George = 3y
∴ Total cost of the gift = 2y + 3y = 5y
<u>step 3</u> :
According to the question given,
Fred has already spent half of his money = 3x - 2y = (1/2)3x
George only has £21 left over = 4x - 3y = 21
<u>step 4</u> :
solve for x in the first equation,
3x - (3/2)x = 2y
6x - 3x = 4y
3x = 4y
x = (4/3)y
<u>step 5</u> :
substitute x=(4/3)y in the second equation to find y,
4x - 3y = 21
4(4/3)y - 3y = 21
(16/3)y - 3y = 21
16y - 9y = 63
7y = 63
y = 9
<u>step 6</u> :
The total cost of the gift = 2y + 3y
Price of the present = 5y = 59 = 45