Stock worth $60 a share dropped in value by 20% on Monday, then, again by $10 the next Tuesday and, finally, increased by 55% the following Friday. What was the final price of a share?
i don't think that is the right answer
then what is the right answer?
To find the final price of a share, we need to follow a series of calculations based on the given information.
Step 1: Calculate the 20% decrease on Monday.
Since the stock dropped in value by 20%, we can find the value of the decrease by multiplying $60 by 20% (or 0.2):
20% of $60 = 0.20 * $60 = $12
So, the stock decreased by $12 on Monday, making the price $60 - $12 = $48.
Step 2: Calculate the $10 decrease on Tuesday.
The stock dropped by an additional $10 on Tuesday. So, we subtract $10 from the previous price:
$48 - $10 = $38
Step 3: Calculate the 55% increase on Friday.
To find the value of a 55% increase, we multiply the previous price by 55% (or 0.55):
55% of $38 = 0.55 * $38 = $20.90 (rounded to the nearest cent)
Therefore, the stock increased by $20.90 on Friday, making the final price $38 + $20.90 = $58.90.
Hence, the final price of a share is $58.90.
final value
= $60(.8)(.9)(1.55)
= $66.96
the right answer is $58.90
lol dumb dumb hope it helped