Problema Solution
Norman and Suzanne own 40 shares of a fast food restaurant stock and 62 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portfolio consisting of these two stocks was worth $1379.00. The closing price of the fast food restaurant stock was $23 more per share than the closing price of the toy company stock on that day. What was the closing price of each stock on that day?
Answer provided by our tutors
let
x = the closing price of fast food restaurant stock
y = the closing price of the toy company stock
At the close of the markets on a particular day in 2004, their stock portfolio consisting of these two stocks was worth $1379.00:
40x + 62y = 1379.00
The closing price of the fast food restaurant stock was $23 more per share than the closing price of the toy company stock on that day:
x = 23 + y
by solving the system of equations:
40x + 62y = 1379.00
x = 23 + y
we find:
x = $27.50
y = $4.50
click here to see the step by step solution of the system of equations:
the closing price of fast food restaurant stock was $27.50 per share.
the closing price of the toy company stock was $4.50 per share.