SOLUTION: Suppose Wal-Mart stock is selling at $59 a share and Mattel stock is selling at $28 a share. Amy has a maximum of $6000 to invest. She wishes to purchase four times as many shares
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Question 369248: Suppose Wal-Mart stock is selling at $59 a share and Mattel stock is selling at $28 a share. Amy has a maximum of $6000 to invest. She wishes to purchase four times as many shares of Wal-Mart as of Mattel. Only whole shares of stock can be purchased.
a) How many shares of each will she purchase?
b) How much money will be left over?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Suppose Wal-Mart stock is selling at $59 a share and Mattel stock is selling at $28 a share. Amy has a maximum of $6000 to invest. She wishes to purchase four times as many shares of Wal-Mart as of Mattel. Only whole shares of stock can be purchased.
Mattel - number of shares = x
Cost of Mattel shares = 28x
Wal-Mart $ 59 : 4x shares
..
Mattel
Total = $ 6000
..
28x+59*4x=6000
...
28x+236x=6000
264x=6000
x= 6000/264
x= 22 shares of Mattel
4x= 4*22= 88 shares of Wal-Mart
..
88*59+22*28= $ 5808
$ 6000-$5808=$192 balance
...
m.ananth@hotmail.ca
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