Question

A certain stock starts the day at $273/8 per share. If it drops $21/2 during the day, what is its closing value? A. $247/8 B. $257/8 C. $241/8 D. $251/8 Mark for review (Will be highlighted on the review page)

Answer 1

Answer:

A. $ 24 7/8

Step-by-step explanation:

GIVEN: A stock starts the day at $27 3/8 per share.

             Share drops $2 1/2 during the day.

To Find : Closing value

Solution : first we need to find how many 1/8 are there in 1/2

So, $\frac{\frac{1}{2} }{\frac{1}{8} } =4$

when share drops by $2 then  share will be :

$27 - $2 =$25

and $\frac{3}{8} - 4(\frac{1}{8})$

⇒$\frac{3}{8} - \frac{4}{8}$

⇒$\frac{-1}{8}$

So, $25-\frac{1}{8}$

⇒$24\frac{7}{8}$

So, its closing value is $24\frac{7}{8}$.