SOLUTION: A speculator sold some shares of stock worth $2880. Several days later, the stock having dropped in price $2 per share, he repurchased, for the same amount of money, 6 more shares
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Question 1196591: A speculator sold some shares of stock worth $2880. Several days later, the stock having dropped in price $2 per share, he repurchased, for the same amount of money, 6 more shares than he sold. How many shares did he sell? Found 3 solutions by ikleyn, MathTherapy, josgarithmetic:Answer by ikleyn(52816) (Show Source):
You can put this solution on YOUR website! .
A speculator sold some shares of stock worth $2880. Several days later,
the stock having dropped in price $2 per share, he repurchased,
for the same amount of money, 6 more shares than he sold.
How many shares did he sell?
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Let x be the number of shares he sold.
Then the number of shares he purchased was (x+6).
The selling price was dollars per share.
The buying price was dollars per share.
According to the problem,
- = 2 dollars per share.
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To solve the equation, multiply both sides by x*(x+6). You will get then
2880(x+6) - 2880x = 2x*(x+6)
1440(x+6) - 1440x = x(x+6)
1440*6 = x^2 + 6x
x^2 + 6x - 8640 = 0
(x-90)*(x+96) = 0.
The only positive root, which makes sense is x= 90.
So, the number of shares he sold was 90. ANSWERCHECK. The selling price was = 32 dollars per share.
The buying price was = 30 dollars per share.
The difference in prices was 32 - 30 = 2 dollars per share. ! Correct !
You can put this solution on YOUR website! A speculator sold some shares of stock worth $2880. Several days later, the stock having dropped in price $2 per share, he repurchased, for the same amount of money, 6 more shares than he sold. How many shares did he sell?
Let the number of shares sold be S
Then sale price per share =
With 6 more shares being repurchased than were sold (S + 6), price per share, upon repurchase =
We then get the following PRICE-PER-SHARE equation: ------ Factoring out GCF, 2, in numerator
S(S + 96) - 90(S + 96) = 0
(S - 90) = 0 or S + 96 = 0
Number of shares sold, or or S = - 96 (ignore)
PRICE QUANTITY VALUE
SELL p n 2880
REBUY p-2 n+6 2880
To do tabulated data more simply
PRICE QTY. VALUE
SELL 2880/n n 2880
REBUY 2880/(n+6) n+6 2880
DIFFERENCE 2
(