Question

If you bought a stock last year for a price of $36, and it has gone down 16.6% since then, how much is the stock worth now, to the nearest cent?

Answer 1

Answer:

The stock is now worth  of $30.024.

Step-by-step explanation:

Here, the price of the stock last year =$36

The percentage down in the price of stock in a year  = 16.6 %

Now, 16.6% of the value of stock  $36  = $\frac{16.6}{100} \times 36= 5.976$

⇒16.6% of $36 =  $ 5.976

Now, the Current Worth of Stock = Stock Value last year - Decrease in the stock price

                                                         =  $36 - $ 5.976  = $30.024

Hence, the stock is now worth  of $30.024.