Question

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?

Answer 1

Answer:

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)