Question

Norman and Suzanne own 27 shares of a fast-food restaurant stock and 75 shares of a toy company close on a particular day in 2004. Their stock was worth 1140. What is the closing price of each stock that day?

a) $15, $8
b) $8, $15
c) $10, $12
d) $12, $10

Answer 1

To find the closing price of each stock, we need to divide the total value of the stock by the number of shares. The total value of the fast-food restaurant stock and toy company stock is $1140. The correct answer is option d) $12, $10.

Step-by-step explanation:

To find the closing price of each stock, we need to divide the total value of the stock by the number of shares. The total value of the fast-food restaurant stock and toy company stock is $1140. Since Norman and Suzanne own 27 shares of the fast-food restaurant stock and 75 shares of the toy company stock, we can set up the following equations:

27x + 75y = 1140 (where x is the closing price of the fast-food restaurant stock and y is the closing price of the toy company stock)

Simplifying the equation, we get:

9x + 25y = 380

Now we can solve this system of linear equations to find the values of x and y. The correct answer is option d) $12, $10.