A business person invested $3600.00 in stock. When he sold the stock he made $30.00 in profit for each share of stock he purchased. If his total profit was $240

Question

A business person invested $3600.00 in stock. When he sold the stock he made $30.00 in profit for each share of stock he purchased. If his total profit was $2400.00 how many shares of stock did he purchase?

Answer 1

Ed,

 

If he made $30 for each share then:

 

$30s = $2400 (where s is the number of shares)

 

s = $2400/$30 = 80 shares.