a person sol 100 shares of stock at a profit of 15%. if the selling price for the 100 shares was 2300. what was paid for the stock?
15% of 2300 is = 345
345 is the profit you gained
2300 is the selling price of the stock
2300(selling price) - 345(profit) = 1955
the paid for the stock is 1955
To determine the price paid for the stock, we can use the formula:
Selling Price = Buying Price + Profit
In this case, the selling price is $2300 and the profit is 15% of the buying price. Let's calculate the profit first:
Profit = 15% * Buying Price
To calculate 15% of the Buying Price, we can multiply the Buying Price by 0.15:
Profit = 0.15 * Buying Price
Now we can substitute the values we know into the formula:
$2300 = Buying Price + 0.15 * Buying Price
Simplifying the equation:
$2300 = 1.15 * Buying Price
To isolate the Buying Price, we divide both sides of the equation by 1.15:
Buying Price = $2300 / 1.15
Calculating:
Buying Price = $2000
Therefore, the person paid $2000 for the stock.