Answered

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The stock of Company A gained 4.25% today to $16.68. What was the opening price of the stock in the beginning of the day?

Sagot :

1.3 million stocks was there in beginning of the day
RevyBreeze

Answer:

16

Step-by-step explanation:

Let the opening price be x

So the amount of gained will be $16.68 - $x

Next, this value correspond to 4.25% of the opening price of the stock which is x

Thus,

[tex]4.25[/tex]% of [tex]x = 16.68 - x[/tex]

[tex]\frac{4.25}{100} * x = 16.68-x[/tex]

Cross multiply

[tex]4.25x = 100(16.68-x)[/tex]

[tex]4.25x = 1668 - 100x[/tex]

[tex]100x + 4.25x = 1668[/tex]

[tex]104.25x = 1668[/tex]

[tex]x = \frac{1668}{104.25}[/tex]

[tex]x = $16[/tex]

Check Answer:

$16 x 4.25%=.68

$16 + .68 = 16.68

Hence, x = 16 is correct

[RevyBreeze]

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