Question

An accountant receives a salary of $262,000 per year. During the year, he plans to spend $99,000 on his mortgage, $54,000 on food, $32,000 on clothing, $41,000 on household expenses, and $28,000 on other expenses. With the money that is left, he expects to buy as many shares of stock at $250 per share as possible. Using the equation below, determine how many shares will he be able to buy?

Answer 1

262,000 - 99,000 = 163,000

163,000 - 54,000 = 109,000

109,000 - 32,000 = 77,000

77,000 - 41,000 = 36,000

36,000 - 28,000 = 8,000

8,000 / 250 = 32

32 shares.