Answer:
The opening price of the stock in the beginning of the day was $4.
Step-by-step explanation:
To be able to calculate the price of the stock at the beginning of the day, you have to consider that the equation to calculate the final price is equal to the opening price multiply for the result of one plus the increase or decrease percentage, which is:
final price=opening price*(1+0.04)
Now, you know that the final price is $4.16, so you can replace this value in the formula and solve for the opening price:
4.16=opening price*1.04
opening price=4.16/1.04
opening price=4
According to this, the answer is that the opening price of the stock in the beginning of the day was $4.
