A person sold 100 shares of a stock at a loss of 40%. If the selling price for the 100 shares was $3,000, which of the following comes closest to what was paid for the stock?
0.6x = 3,000
x = ?
5000
dsd
To find out what was paid for the stock, we need to calculate the original cost before the 40% loss.
Let's assume the original cost of the stock is "x".
The selling price is given as $3,000.
Since the person sold the stock at a loss of 40%, the selling price corresponds to 60% of the original cost after the loss.
We can set up the following equation:
0.6 * x = $3,000
Now, we can solve for "x" by dividing both sides of the equation by 0.6:
x = $3,000 / 0.6
x = $5,000
Hence, the closest amount paid for the stock is $5,000.