Question

The stock of Company A gained 2% today to $27.03. What was the opening price of the stock in the beginning of the day?

Answer 1

Answer:

The price of the stock in the beginning of the day was $26.5.

Step-by-step explanation:

This question can be solved using a rule of three.

The initial stock of the company, that we want to find, was 100% = 1.

$27.03 is an increase of 2%, so it is 100+2 = 102% = 1.02%. So

$27.03 - 1.02

$x - 1

$1.02x = 27.03$

$x = \frac{27.03}{1.02}$

$x = 26.5$

The price of the stock in the beginning of the day was $26.5.