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Please help, I've spent 6 hours on this?
I know the answer to this problem (it is in the back of my book), but I cannot figure out the equation.
In an Individual Retirement Account valued at $53,900, a couple has 500 shares of stock, some in Big Bank Corporation and some in Safe Savngs and Loan. If Big Bank sells for $115 per share and Safe Savings sells for $97 per share, how many shares of each does the couple own?
The first person that can explain how to get the algebraic expression(and is right) will get the points!
4 Answers
- NONAMELv 71 decade agoFavorite Answer
115x + 97(500 - x) = 53,900
115x - 97x + 48,500 = 53,900
18x + 48,500 = 53,900
18x = 5400
x = 300
So, the answer is 300 shares @ $115 and 200 shares @ $97.
- Anonymous1 decade ago
Set it up as a 2x2 system of linear equations.
Let X=# of Big bank shares
Let Y=# of Safe Savings shares
x+y=500
115x + 97y = 53,900
Now, use the substitution method to find the values. I'll start you out.
x= 500-y
115(500-y) + 97y = 53,900
Above is the equation for the value of y, plug that answer into the first equation to find the value of x.
- 1 decade ago
it would be something like this. 500/212 Which is the combined amount made off of selling one share of each. 97y + 115x = 53,900.
