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

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> 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      Log On


   

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(52903) About Me  (Show Source):
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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 = %281530%2B69%2A24%29%2F%2839%2B69%29 = 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.