Jack bought 120 shares of ABC Banking for $12.27 each. He sold the shares 90 days later for 21.48% more than he paid. When he held the shares, ABC Bank paid a dividend of $0.55 per share. Brokerage fees are $25 or 0.5% of transaction amount, whichever is higher.
How much profit did Jack make with this investment?
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Sunday, May 1, 2011
Answers for Contest #6
Jack, Fred, and Sara have $3000.
When this sentence is translated from English to math, the equation is:
J + F + S = 3000
Fred has a quarter the money that Jack has.
F = 1/4 x J
Sara has ten times as much money as Fred.
S = 10 x F
How much money does Jack have?
J + F + S = 3000
J + 1/4 x J + 10 x F = 3000
5/4 x J + 10 x (1/4 x J) = 3000
1.25J + 2.50J = 3000
3.75J = 3000
J = 800
Jack has $800.
When this sentence is translated from English to math, the equation is:
J + F + S = 3000
Fred has a quarter the money that Jack has.
F = 1/4 x J
Sara has ten times as much money as Fred.
S = 10 x F
How much money does Jack have?
J + F + S = 3000
J + 1/4 x J + 10 x F = 3000
5/4 x J + 10 x (1/4 x J) = 3000
1.25J + 2.50J = 3000
3.75J = 3000
J = 800
Jack has $800.
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