Question

The stock of Company A gained 4.25% today to $16.68. What was the opening price of the stock in the beginning of the day?

Answer 1

1.3 million stocks was there in beginning of the day

Answer 2

Answer:

16

Step-by-step explanation:

Let the opening price be x

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

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

Thus,

$4.25$% of $x = 16.68 - x$

$\frac{4.25}{100} * x = 16.68-x$

Cross multiply

$4.25x = 100(16.68-x)$

$4.25x = 1668 - 100x$

$100x + 4.25x = 1668$

$104.25x = 1668$

$x = \frac{1668}{104.25}$

$x = 16$

Check Answer:

$16 x 4.25%=.68

$16 + .68 = 16.68

Hence, x = 16 is correct

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