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?
1 answer:
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
The price of the stock in the beginning of the day was $26.5.
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r: reading
s: skimming
We write the system of equations that adapts to the problem:
r + s = 275
(15/10) r + (10/15) s = 355
We solve the system of equations:
r = 206
s = 69
Note: see attached image for system solution.
Answer:
Jayden had to skim 69 pages through