Question

I need helping find Company C stock price last year

Answer 1

According to the problem, the stock price this year represents 8% higher than last year, which means it represents 108% (1.08).

So, we just have to solve the following proportion to find the stock price for last year.

`\begin{gathered} (97.64)/(1.08)=(x)/(1) \\ \end{gathered}`

Let's solve for x

`x=90.41`

Hence, the stock price last year was around $90.41.