18. Last year Mrs. Long received $160 in dividends on her shares of Company X stock, all of which she had held for the entire year. If she had had 12 more shares of the stock last year, she would have received $15 more in total annual dividends. How many shares of the stock did she have last year?
(A) 128
(B) 140
(C) 172
(D) 175
(E) 200
Answer: A
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Solution:
ReplyDeleteDividend on 12 shares = $15
Dividend on one share = $15 ÷ 12 = $1.25
Dividend of $160 is received on = $160 ÷ $ 1.25 = 128 shares.