Answered: ABC stock cost you $50 per share and…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

You invested in ABC Company and XYZ Company which each had a loss on the year. ABC stock cost you $50 per share and XYZ stock cost you $60 per share. ABC had a year-to-date loss of 5% while XYZ had a year-to-date loss of 8%you invested a total of $39,000 and a year-to-date loss of $2,670 , how many shares of each company did you purchasc? What was your investment in each company?

Expert Solution

Step 1

In this question we will use basic of algebra.

First we will assume number of share as x and y for respective companies then we will apply the given condition to form an algebraic expression. Now by solving the equations we get number of share purchase from each company and then we multiply the number of share by price of each share we get amount of investment.

Solution of the above question is in the step below.