finance story problem help

Question

The following question is based on the following information about the stocks of KT Corporation, International Flavors & Fragrances, and Quality Systems.

Price Dividend Yield
KT (KT Corporation) $16 7%
IFF (International
Flavors & Fragrances) $56 2%
QSII (Quality Systems) $80 2%

You invested a total of $10,400 in shares of the three stocks at the given prices, and expected to earn $248 in annual dividends. If you purchased a total of 200 shares, how many shares of each stock did you purchase?

Answer 1

You can write a system of equations for this problem. Let x = shares of KT, y = shares of IFF, and z = shares of QSII. Then:

 

16x + 56y + 80z = 10400

0.07(16x) + 0.02(56y) + 0.02(80z) = 248

x + y + z = 200

 

Use the elimination method to find two expressions for y in terms of z. Then, solve that new system of two equations for y and z.