Norman and Suzanne own 42 shares of a fast food restaurant stock and 66 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portfolio consisting of these two stocks was worth $1944.00. The closing price of the fast food restaurant stock was $27 more per share than the closing price of the toy company stock on that day.

Question

Norman and Suzanne own 42 shares of a fast food restaurant stock and 66 shares of a toy company stock. At the close of the markets on a particular day in 2004, their stock portfolio consisting of these two stocks was worth $1944.00. The closing price of the fast food restaurant stock was $27 more per share than the closing price of the toy company stock on that day.

What was the closing price of each stock on that day?

The price per share of the fast food restaurant stock is $____

The price per share of the toy company stock is $____

Answer 1

I think I got it, if someone wants to check it for me?

Fast food was $34.50
Toy company was $7.50

Answer 2

42(x+27)+66x = 1944

you are correct

Answer 3

Let's assume that the closing price of the toy company stock is $x.

Since the closing price of the fast food restaurant stock was $27 more per share than the toy company stock, the closing price of the fast food restaurant stock would be $x + $27.

Now, let's calculate the total value of the fast food restaurant stock by multiplying the number of shares (42) by the price per share ($x + $27):

Value of fast food restaurant stock = 42 * ($x + $27)

Similarly, let's calculate the total value of the toy company stock by multiplying the number of shares (66) by the price per share ($x):

Value of toy company stock = 66 * ($x)

According to the given information, the total value of their stock portfolio is $1944.00:

Value of fast food restaurant stock + Value of toy company stock = $1944.00

Substituting the calculated values, we get the equation:

42 * ($x + $27) + 66 * ($x) = $1944.00

Now, we can solve this equation to find the values of x and $x + $27.

Answer 4

To find the closing price of each stock, we can set up a system of equations based on the given information.

Let's suppose the closing price of the toy company stock is x dollars per share. Since the closing price of the fast food restaurant stock is $27 more per share, its closing price would be (x + $27) per share.

Now, we can set up the equations:

Equation 1: Number of shares of the toy company stock multiplied by the closing price per share of the toy company stock = Total value of the toy company stock
$66x = \text{{Total value of the toy company stock}}$

Equation 2: Number of shares of the fast food restaurant stock multiplied by the closing price per share of the fast food restaurant stock = Total value of the fast food restaurant stock
$42(x+27) = \text{{Total value of the fast food restaurant stock}}$

Since the combined value of both stocks is $1944.00, we can set up another equation:

Equation 3: Total value of the toy company stock + Total value of the fast food restaurant stock = $1944.00
$66x + 42(x+27) = 1944.00$

We can solve this system of equations to find the closing prices of each stock.