Question
On March 13, 2020 a lucky individual decided to invest$35 616 into 3 different stocks listed on the Nasdaq, Net ix Inc (NFLX), Zoom Video
On March 13, 2020 a lucky individual decided to invest$35 616 into 3 different stocks listed on the Nasdaq, Net ix Inc (NFLX), Zoom Video Communications Inc (ZM), and Moderna Inc (MRNA). Stock NFLX sold for$336 a share, stock ZM sold for$107 a share, and stock MRNA sold for$21 a share. They were most familiar with NFLX so they purchased an equal amount, in dollar value, of NFLX as both ZM and MRNA combined. MRNA was trading so low they purchased ve times as much in number of MRNA stocks as ZM stocks
(a) Set up a system of three equations representing this situation. Make sure to clearly assign variables to each unknown quantity.
(b) Use matrices to determine how many stocks of each type were purchased. Continue using row operations until you have your matrix in row-echelon form. Include a concluding statement your solution.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started