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Question

Norman and Suzanne own 32 shares of a fast food restuarant stock and 70 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portfolio consisting of these two stocks was worth $1233.00. The closing price of the fast food restuarant stock was $21 make per share than the closing price of the toy company stock on that day. What was the closing price of each stock on that day?

Answer 1

Hello, Chontra

Let p         be the price for the toy stock

Let p+21   be the price for the fast food stock.(since its price is 21

                more than the price of the toy stock)

 

The equation for the sum of the value of the two stocks will be

 32( p+21)+ 70 p= 1233             Using the distributive property

 32 p+ 672+ 70p= 1233.             Combining like terms

 102p+ 672=        1233                Subtracting 672 from both sides

         -672             -672

        102p= 561                           Dividing both sides by 102

             P= $5.50

So, the price for the toy stock was 5.50, and the price for the fast food stock was 26.50, 21 more expensive than the toy stock.

 

I hope this helps out and thanks for posting.

D.Y. Taylor

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