SOLUTION: Norman and Suzanne own 28 shares of a fast food restaurant stock and 68 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portf
Algebra ->
Quadratic Equations and Parabolas
-> SOLUTION: Norman and Suzanne own 28 shares of a fast food restaurant stock and 68 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portf
Log On
Question 1136670: Norman and Suzanne own 28 shares of a fast food restaurant stock and 68 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 $1488.00. 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(52775) (Show Source):
It is easy to solve using a "single equation setup".
Let x be the closing price of one fast food share.
Then the closure price of one toy company stock is (x-24) dollars.
The equation for total stock portfolio is
28x + 68*(x-24) = 1488 dollars.
It is your base equation. From the equation,
x = = 32.50.
Answer. $32.50 for one fast food share and 32.50 - 24 = 8.50 dollars for one share of the toy company.
CHECK. 32.50*28 + 8.50*68 = 1488 dollars. ! Correct !
