Question

An investor bought 500 shares of stock, some at $6.25 per share and some at $6.50 per share. If the total cost was $3218.75, how many shares of each stock did the investor buy? (Round to two decimal places if necessary.)

Answer 1

Explanation:

x = amount of shares for $6.25

y = account of shares for $6.50

x + y = 500

x×6.25 + y×6.5 = 3218.75

x = 500 - y

(500 - y)×6.25 + y×6.5 = 3218.75

3125 - y×6.25 + y×6.5 = 3218.75

0.25×y = 93.75

y = 375

x = 500 - 375 = 125

so, he bought

375 shares of $6.50

125 shares of $6.25