Tony bought a number of shares of stock for $720. A month later the value of the stock increased by $8 per share, and he sold all but 20 shares and received $800. How many shares did he sell and at what price per share?

Printable View

- March 26th 2009, 06:18 PMmagentaritaShares of Stock
Tony bought a number of shares of stock for $720. A month later the value of the stock increased by $8 per share, and he sold all but 20 shares and received $800. How many shares did he sell and at what price per share?

- March 27th 2009, 01:56 AMADARSH
**Lets say he had x shares**

And the price of each share = y

Total value for all stocks = 720$ = xy

Thus our first equation is

xy= 720$

------------------------------

After a month

---------------------------

No. shares sold =x-20

rice of each share = y+ 8

Amount he received =(x-20)(y+8) = 800$

Thus our second equation is

**(x-20)(y+8) = 800$**

________________________________________________

Solve the two equations

x = 60 , y= 12

- March 27th 2009, 11:13 AMmagentaritaok