Question

Please answer quick! The stock of Company A gained 4.25% today to $16.68. What was the opening price of the stock of the beginning of the day? Thanks

Answer 1

Answer:

The opening price of the stock at the beginning of the day is $16

Step-by-step explanation:

Here, we are interested in calculating the opening price of the stock at the beginning of the day.

Let the opening price be $x

So the amount of gain will be $16.68 - $x

Now, this value correspond to 4.25% of the opening price of the stock which is $x

Hence, mathematically;

4.25% of $x = 16.68 - x

4.25/100 * x = 16.68-x

4.25x/100 = 16.68-x

Cross multiply;

4.25x = 100(16.68-x)

4.25x = 1668 - 100x

100x + 4.25x = 1668

104.25x = 1668

x = 1668/104.25

x = $16