Question

The stock of Company A gained 6.5% today to $40.47. What was the opening price of the stock in the beginning of the day?

Answer 1

$37.84

So we know that we need to see what to multiply $40.47 by to find the price of the stock from the beginning.

First, we need to subtract 100% by the percentage of gain.

100% - 6.5% = 93.5%

Next, we need to divide 93.5% by 100.

93.5% ÷ 100 = 0.935

Lastly, we multiply $40.47 by 0.935 and round it to the nearest hundredth.

40.47 × 0.935 = 37.83945 --> 37.84

Fianl result: $37.84

Answer 2

$37.84

Step-by-step explanation:

We need to see what to multiply $40.47 by to find the price of the stock from the beginning. First, we need to subtract 100% by the percentage of gain.

100% - 6.5% = 93.5%

Next, we need to divide 93.5% by 100.

93.5% ÷ 100 = 0.935

Lastly, we multiply $40.47 by 0.935 and round it to the nearest hundredth.

40.47 × 0.935 = 37.83945 --> 37.84

Hope this helped!