SOLUTION: Suppose Wal-mart stock is selling at $59 a share and Mattel stock is selling at $28 as share. Amy has a maximum of $6000 to invest. She wishes to purchase four times as many shares

Algebra ->  Equations -> SOLUTION: Suppose Wal-mart stock is selling at $59 a share and Mattel stock is selling at $28 as share. Amy has a maximum of $6000 to invest. She wishes to purchase four times as many shares      Log On


   

Question 1026831: Suppose Wal-mart stock is selling at $59 a share and Mattel stock is selling at $28 as 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 stanbon(75887) About Me  (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 as 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.
-------
Equations:
59W + 28M = 6000
W = 4M
-------
Substitute for "W" and solve for "M":
59*4M + 28M = 6000
236M + 28M = 6000
264M = 6000
M = 22.73
---
Solve for "W::
W = 4M = 90.9
---
Modifying the numbers
91 shares of Walmart leaves 6000 - 91*59 = $631
$631 will buy 631/28 = 22 shares of Mattel leaving 631-22*28 = $15.00
----------------
Cheers,
Stan H.
------------------