Question

If you bought a stock last year for a price of $130, and it has gone down 10.3% since

then, how much is the stock worth now, to the nearest cent?

Answer 1

$117

Explanation:

Given: Price of stock= $130

Price of stock has gone down to 10.3% after a year.

As given price of stock will go down to 10.3%

Price of stock reduced =
`(10.3)/(100) * 130`

∴ Price of stock reduced=
`\$ 13.39`

Present price of stock =
`previous\ price\ of\ stock - price\ of\ stock\ reduced`

Present price of stock=
`130 - 13.39 = 116.61`

∴ Present price of stock to the nearest cent is $117