Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

From November to December of 2 0 1 5 , the price per share of BP Oil dropped from $ 9 6 . 2 5

From November to December of 2015, the price per share of BP Oil dropped from $96.25 to $70.25. Exxon shares also dropped from $89.75 to $68.25.
In November, your rich cousin invested $57,391.25 into a combination of BP and Exxon shares. By December they sold their shares for $43,136.75 losing $14,254.5 from their investment.
How many of each stock did they purchase?
They purchased
Number
BP shares and
Number
Exxon shares.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Finance

Authors: Scott Besley, Eugene F. Brigham

5th edition

1111527369, 978-1111527365

More Books

Students also viewed these Finance questions

Question

Why is the national security argument for tariffs questionable?

Answered: 1 week ago