Answer:
$28 3/4
Step-by-step explanation:
One way of doing this is to sum up the increases and the decreases of the price, separately. One then adds the increases to the beginning price ($33 3/8) and subtracts the decreases from this sum:
$33 3/8 + ($4 1/4) - ($8 7/8), where $33 3/8 is the beginning price,
$4 1/4 is the sum of the price increases
for the day, and $8 7/8 is the sum of the
price decreases for the day.
Then we have:
$33 3/8 + $4 2/8 - $ 8 7/8
Here we need sum up the beginning price and the price increase for the day first:
$33 3/8 + $4 2/8 = $37 5/8
We cannot subtract $8 7/8 from $37 5/8 without borrowing. Borrowing, we get:
$36 13/8
and from this we subtract $8 7/8:
$36 13/8
- $ 8 7/8
----------------
$28 6/8
This can be reduced to $28 3/4. This was the closing price.
