In three successive years the price of the common shares of Bedrock Resources Ltd. fell 40%, 60%, and 70% ending the third year at 50 cents.

How much (in dollars and cents) did the share price drop in the second year?

To find out how much the share price dropped in the second year, we can calculate it using the given information:

First, let's determine the original share price before any decrease happened. Let's assume the original share price is represented by "P."

In the first year, the share price fell by 40%, so it became 60% of the original price:
Share price after the first year = P - (40% of P) = P - 0.4P = 0.6P

In the second year, the share price fell by 60%, so it became 40% of the price after the first year:
Share price after the second year = (40% of (0.6P)) = 0.4 * 0.6P = 0.24P

Now, we know that at the end of the third year, the share price was 50 cents, which is equal to 0.5 dollars. We can set up an equation to find the original share price:

0.24P = 0.5

To solve for P, we divide both sides of the equation by 0.24:

P = 0.5 / 0.24 = 2.0833 dollars

Now that we know the original share price, we can find the drop in the second year:

Drop in the second year = Price after the first year - Price after the second year
= (0.6P) - (0.24P)
= 0.36P

Substituting the value of P:

Drop in the second year = 0.36 * 2.0833
≈ 0.75 dollars or 75 cents

Therefore, the share price dropped approximately 75 cents in the second year.