7. A person has $10,100 to invest in two different stock. Stock ABC costs $32 per share and pays dividends of $1.20 per share. Stock XYZ cos

Question

7. A person has $10,100 to invest in two different stock. Stock ABC costs $32 per share and pays dividends of $1.20 per share. Stock XYZ costs $23 per share and pays dividends of $1.40 per share. If she wants to earn a total of $540 in dividends, how much money should be invested in company ABC?

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Emery 2 weeks 2022-01-07T04:16:26+00:00 1 Answer 0 views 0

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    2022-01-07T04:17:32+00:00

    Answer:

    invested in ABC = $3200

    Step-by-step explanation:

    given data

    total invest = $10,100

    Stock ABC costs = $32 per share

    dividends = $1.20 per share

    Stock XYZ costs = $23 per share

    dividends = $1.40 per share

    earn a total dividends = $540

    solution

    we can say total money invest express as

    total money invested = 32 × P + 23 × Q

    here person buys stocks of ABC is P and buys stocks of stocks of XYZ is Q

    $10,100 = 32 × P + 23 × Q  

    we can also write this as by multiply 3 both side

    $30,300 = 96 × P + 69 × Q  ………………….1

    and total dividends will be

    total dividends =  1.2 × P +1.4 × Q

    $540 =  1.2 × P +1.4 × Q

    we can also write this as by multiply 80 both side

    $43200 = 96 × P + 112 × Q  ………………..2

    so from equation 1 and 2 , subtracting 1 from 2

    we get

    Q = 300

    and P = 100

    so that we invest 100 × 32

    invested in ABC = $3200

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