Norman and Suzanne own 27 shares of a fast food restaurant stock and 63 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 $981.00. The closing price of the fast food restaurant stock was $28 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

Mathematics

Sean Burnett

9 September, 13:48

Norman and Suzanne own 27 shares of a fast food restaurant stock and 63 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 $981.00. The closing price of the fast food restaurant stock was $28 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?

+4

Answers (1)

Know the Answer?

Bronson Gray · Answer 1

The closing price of the fast food restaurant was $30.5 and that of the toy company was $2.5.

Step-by-step explanation:

Let the price of each share of the toy company is $y and that of the fast-food restaurant is $x.

So. from the given condition we can write that, x = y + 28 ... (1)

Again, it is given that the total value of stocks that they are holding was worth $981.00.

So, 27x + 63y = 981 ... (2)

Hence, solving equations (1) and (2) we get,

27 (y + 28) + 63y = 981

⇒ 90y = 225

⇒ y = $2.5

And from equation (1), we have x = 28 + 2.5 = $30.5

So, the closing price of the fast food restaurant was $30.5 and that of the toy company was $2.5. (Answer)