Let x = cost of one pound of peanuts
y = cost of one pound of M&M's
Then, 8x + 5y = 55.27
6x + 4y = 42.70
Multiply the first equation by 4 and the second equation by -5:
32x + 20y = 221.08
-30x - 20y = -213.50
Adding the equations yields 2x = 7.58
x = $3.79
Since x = 3.79 and 8x + 5y = 55.27, we get 8(3.79) + 5y = 55.27
5y = 24.95
y = $4.99
One pound of peanuts costs $3.79 and a pound of M&M's costs $4.99.