Question

After several shares of the company's stock were sold, a profit of $1,320 was earned. The profit was 15% over a 30 day period. How much were the shares worth when they were originally purchased?

Answer 1

$ 8800

Explanation:

The complete question with options is attached in the image below

Amount of profit earned = $ 1320

The profit was 15% of the amount invested.

Let x be the total amount that was invested 30 days ago to buy the shares of the company.

So,

Profit = 15% of the amount invested

1320 = 15% of x

1320 = 0.15(x)

x =
`(1320)/(0.15)`

x = $ 8800

This means, the worth of shares was $ 8800 when they were originally purchased.