Amount of sales tax in the purchase of $1256
2 answers:
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Answer:
88 shares of Wall-Mart stock,
a) Step-by-step explanation, 22 shares of Mattel stock. b) $192
Given:
Suppose Wall-Mart stock is selling at $59 a share and Mattel stock is selling at $28 a share.
Amy has a maximum of $6000 to invest.
She wishes to purchase four times as many shares of Wall-Mart as of Mattel.
Only whole shares of stock can be purchased.
Question asked:
a) How many shares of each will she purchase?
b) How much money will be left over?
Solution:
Selling price of each share of Wall-Mart stock = $59
Selling price of each share of Mattel stock = $28
Let number of shares of Mattel stock purchased =
Then, number of shares of Wall-Mart stock =
Total money invested =$6000
<u>Shares of Mattel stock </u><u> $28 + Shares of Wall-Mart stock </u>
<u> $59 = $6000</u>
Dividing both sides by 264
<em>That means, total 22 shares of Mattel stock is purchased and 192 is the money left over:-</em>
Number of shares of Wall-Mart stock = =
Total amount spent on Mattel stock shares = 22 $28 = $616
Total amount spent on Wall-mart stock shares = 88 $59 = $5192
Total amount spent on both shares = $616 + $5192 = $5808
Money left over = $6000 - $5808 = $192
a) He will purchase 88 shares of Wall-Mart stock and 22 shares of Mattel stock.
b) Money left over is $192.