SOLUTION: Norman and Suzanne own 39 shares of a fast-food restaurant stock and 69 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portf

Question 1158285: Norman and Suzanne own 39 shares of a fast-food restaurant stock and 69 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 $1530.00. The closing price of the fast food restaurant stock was $24 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 by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.


Let x be the closing price of the fast-food stock;

then the closing price of the toy company stock is (x-24) dollars.


You have then this equation for the total cost of the stocks

    39x + 69*(x-24) = 1530   dollars.


From the equation

    x =  = 29.50 dollars.


ANSWER. The closing price for the fast-food stock is 29.50 dollars;  for the toy company stock 29.50-24.00 = 5.50 dollars.

Solved.

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SOLUTION: Norman and Suzanne own 39 shares of a fast-food restaurant stock and 69 shares of a toy company stock. At the close of the markets on a particular day in​ 2004, their stock portf

SOLUTION: Norman and Suzanne own 39 shares of a fast-food restaurant stock and 69 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portf