Question 197924: 2. Suppose Bob owns 2,000 shares of Company X and 10,000 shares of Company Y. The total value of Bob's holdings of these two companies is $340,000.
Suppose Frank owns 8,000 shares of Company X and 6,000 shares of Company Y. The total value of Franks holdings of these two companies is $340,000.
a. Write equations for Bob and Frank's holdings. Use the variables X and Y to represent the values of shares of Company X and Company Y.
b. Solve for the value of a share of Company X and Company Y. Show your work so you can get partial credit even if your final answer is wrong.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose Bob owns 2,000 shares of Company X and 10,000 shares of Company Y. The total value of Bob's holdings of these two companies is $340,000.
Eq #1: 2000x + 10000y = 340000
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Suppose Frank owns 8,000 shares of Company X and 6,000 shares of Company Y. The total value of Franks holdings of these two companies is $340,000.
Eq #2: 8000x + 6000y = 340000
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a. Write equations for Bob and Frank's holdings. Use the variables X and Y to represent the values of shares of Company X and Company Y.
b. Solve for the value of a share of Company X and Company Y. Show your work so you can get partial credit even if your final answer is wrong.
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Solve by any method you know to get:
Eq #1: 2000x + 10000y = 340000
Eq #2: 8000x + 6000y = 340000
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Divide thru both of those equations by 1000 to get:
Eq #1: 2x + 10y = 340
Eq #2: 8x + 6y = 340
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Multiply thru the 1st equation by 4:
Eq #1: 8x + 40y = 1360
Eq #2: 8x + 6y = 340
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Subtract the 2nd Eq from the 1st to solve for "x":
34y = 1020
y = 30
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Substitute into 2x + 10y = 340 to solve for "x":
2x + 10*30 = 340
2x = 40
x = 20
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Final Answer:
X = $20
Y = $30
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Cheers,
Stan H.
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