Question
michael purchased a certain number of one stock for a total of $176. the second stock was selling for $5 less per share. michael could have bough 5 more shares of the second stock for the same amount of money. how many shares of the first stock did michael purchase? how much did each share cost?
Answers
If he purchased x shares for price p, then
xp = 176
But,
(x+5)(p-5) = xp
xp + 5p - 5x - 25 = xp
p-x-5 = 0
but, p = 176/x, so
176/x - x - 5 = 0
x = 11
11*16 = 176
16*11 = 176
xp = 176
But,
(x+5)(p-5) = xp
xp + 5p - 5x - 25 = xp
p-x-5 = 0
but, p = 176/x, so
176/x - x - 5 = 0
x = 11
11*16 = 176
16*11 = 176
The answer is michael bought 11 shares each costing $16