SOLUTION: Suppose Wal-Mart stock is selling at $59 a share and Mattel stock is selling at $28 a share. Amy has a maximum of $6000 to invest. She wishes to purchase four times as many shares
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Question 631436: Suppose Wal-Mart stock is selling at $59 a share and Mattel stock is selling at $28 a 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 josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = shares of WM stock purchased
Let = shares of M stock purchased
given:
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By substitution:
and
Can she buy 91 shares of WM and 22 shares of M? yes
She will have dollars left over
She can't buy another share of either stock,
since that would put her over $6000
