Let P be the cost per pound of peanuts.
Let M be the cost per pound of M&M's.
We can set up two equations to solve this question.
(1) 8P + 5M = 55.27
(2) 6P + 4M = 42.70
Let's multiply equation (1) by 3.
Let's multiply equation (2) by 4.
(1) 24P + 15M = 165.81
(2) 24P + 16M = 170.80
Let's subtract equation (1) from equation (2).
M = 4.99
Let's put M = 4.99 in equation (2) to find P.
6P + 4(4.99) = 42.70
6P = 42.70 - 19.96
6P = 22.74
P = 22.74 / 6
P = 3.79
The cost per pound of peanuts is $3.79
The cost per pound of M&M's is $4.99