To find the price at which Elliott will sell his shares after a 20% increase, follow these steps:
1. Identify the initial share price:
Elliott purchased shares at [tex]$28 per share.
2. Determine the percentage increase:
The share price needs to rise by 20%.
3. Convert the percentage increase to a decimal:
20% can be written as 0.20 in decimal form.
4. Calculate the increase in share price:
Multiply the initial share price by the percentage increase:
\[
\text{Increase in price} = 28 \times 0.20 = 5.6
\]
5. Add the increase to the initial price to get the selling price:
\[
\text{Selling price} = 28 + 5.6 = 33.6
\]
Therefore, Elliott will sell his shares at the price of $[/tex]33.60. The correct answer is:
c. $33.60
