Norman and Suzanne own 32 shares of a fast food restaurant stock and 60 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 $1182.00. The closing price of the fast food restaurant stock was $24 more 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?

Question

Rodolfo Booth

Mathematics

7 October, 14:53

Norman and Suzanne own 32 shares of a fast food restaurant stock and 60 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 $1182.00. The closing price of the fast food restaurant stock was $24 more 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?

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Answers (1)

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Kenneth Ritter · Answer 1

38 (x+24) + 64x=1,779

38x+912+64x=1,779

102x=1,779-912

102x=867

x=867/102

x=8.50 ans. for the value of the toy company stock.

8.50+24=32.50 ans. for the value of the fast food stock.

Proof:

38*32.50+64*8.50=1,779

1,235+544=1,779

1,779=1,779