Each peach costs $0.56 and the equations used to solve that is
where x is the cost of 1 peach.
Step-by-step explanation:
Step 1:
It is given that all the peaches weigh the same and that 4 peaches weigh 1 pound.
Assume that each peach costs x.
So the cost for 4 peaches is given by 
Step 2:
The cost of 1 pound of peaches is given as $2.24.
1 pound of peaches
So 

So each peach costs $0.56.