Financial Accounting
Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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From November to December of 2015, the price per share of BP
Oil dropped from $95.75 to $76.75. Exxon shares also dropped
from $97.75 to $76.25.
In November, your rich cousin invested $20,585 into a
combination of BP and Exxon shares. By December they sold
their shares for $16,199.5 losing $4,385.5 from their investment.
How many of each stock did they purchase?
They purchased Number BP shares and Number Exxon
shares.
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Transcribed Image Text:From November to December of 2015, the price per share of BP Oil dropped from $95.75 to $76.75. Exxon shares also dropped from $97.75 to $76.25. In November, your rich cousin invested $20,585 into a combination of BP and Exxon shares. By December they sold their shares for $16,199.5 losing $4,385.5 from their investment. How many of each stock did they purchase? They purchased Number BP shares and Number Exxon shares.
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