Question

An investor bought 700 shares of stock, some at $1.00 per share and some at $2.25 per share. If the total cost was $1325.00, how many shares of each stock did the investor buy? (Round to two decimal places if necessary.)

Answer 1

Given that:

Number of shares bought = 700

Total cost of shares = $1325

Let x and y be the number of shares of cost $1.00 and of $2.25.

From the given information,

`\begin{gathered} x+y=700 \\ x+2.25y=1325 \end{gathered}`

From the first equation, y = 700-x. Substitute the value of y into the second equation.