During the first quarter of 2015, Toronto Dominion Bank (TD) stock cost $45 per share and was expected to yield 4% per year in dividends, while CNA Financial Corp. (CNA) stock cost $40 per share and was expected to yield 2.5% per year in dividends.† If you invested a total of $29,050 in these stocks and expected to earn $922 in dividends in a year, how many shares of each stock did you purchase?
During the first quarter of 2015, Toronto Dominion Bank (TD) stock cost $45 per share and was expected to yield 4% per year in dividends, while CNA Financial Corp. (CNA) stock cost $40 per share and was expected to yield 2.5% per year in dividends.† If you invested a total of $29,050 in these stocks and expected to earn $922 in dividends in a year, how many shares of each stock did you purchase?
Let x and y be the number of shares of Toronto Domain Bank and CNA Financial Corp inn which a total of $29,050 is invested.
It is given that the cost of TD share is $45 and CNA share is $40.
So, the total amount invested can be written as follows.
The dividend on TD share is 4% and CNA share is 2.5%.
The total dividend obtained is $922.
The total dividend earned can be written in the form of equation as follows.
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