Question

A stockholder sold her shares and made a profit of $1,327. If that is a profit of 22%, how much were the shares worth when she originally purchased them?

The original cost is $
(Round to the nearest cent.)

Answer 1

The original cost of the shares was approximately $6039.09.

Step-by-step explanation:

To find the original cost of the shares, we can set up a proportion. Let x represent the original cost of the shares:

Profit/Original cost = % Profit/100

1327/x = 22/100

To solve for x, we can cross multiply and divide:

22x = 132700

x = 132700/22

x ≈ $6039.09

Therefore, the shares were originally worth approximately $6039.09.