Question 71571This question is from textbook
: I need help with the following question please:
In an Individual Retirement Account(IRA) valued at $53,900, a couple has 500 shares of stock, some in Big Bank Corporation and some in Safe Savings and Loan. If Big Bank sells for $115 per share and Safe Savings Sells for $97 per share, how many shares of each does the couple own?
This question is from textbook
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! an Individual Retirement Account(IRA) valued at $53,900, a couple has 500 shares of stock, some in Big Bank Corporation and some in Safe Savings and Loan. If Big Bank sells for $115 per share and Safe Savings Sells for $97 per share, how many shares of each does the couple own?
:
Let x = number of B.B. sh
:
The total shares are 500 shares so we can say:
(500 - x) = number of S&L sh
:
B.B. value + S&L value = 53900
115x + 97(500 - x) = 53900
:
115x + 48500 - 97x = 53900
:
115x - 97x = 53900 - 48500
18x = 5400
x = 5400/18
x = 300 sh of B.B.
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Then 500 - 300 = 200 sh of S&L
:
:
Check:
115(300) + 97(200) =
34500 + 19400 = 53900
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