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? What was the sum of the accountant's expenses?

Answer 1

Number of shares = 32 shares

Accountant total expenses= $254000

Step by step explanation:

The accountant salary is $262000

He spends $99000 on mortage

Spends $54000 on foods

Spends $32000 on clothing

Spends $41000 on household

Spends $28000 on others

Total expenses= 99000+54000+32000+41000+28000

Total expenses =$254000

Remaining money = 262000-254000

Remaining money= $8000

If shares = $250 for one

To know the amount he buys with the remaining money

We divide remaining money by shares cost

= $8000/$250

= 32 shares