Two years ago, Paul bought $350 worth of stock in a cell phone company. Since then the value of his stock has been increasing at
an average rate of 9 3/4% per year. How much is the stock worth now?
Please explain your answer.
1 answer:
Answer: $384.13 ( rounded)
Original number: $384.125
Step-by-step explanation:
Find 9.75% of Paul's original stock, to find out how much it increased.
9.75*350/100=34.125
Add $34.125 to his original stock.
$384.125
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