Question

A person sold 100 shares of a stock at a loss of 40%. If the selling price for the 100 shares was $3,000, which of the following comes closest to what was paid for the stock?

Answer 1

A person sold 100 shares of a stock at a loss of 40%.

selling price for the 100 shares was $3,000

Let the stock was bought at $x then we can write

$x-\frac{40x}{100}=3000\\ \\ \frac{100x-40x}{100}=3000\\ \\ \ \frac{60x}{100}=3000\\ \\ \ 60x= 3000*100\\ \\ x=\frac{3000*100}{60} \\ \\ \ x=5*100=5000$

Hence Amount paid for the Stock was $5000