Question

What was the percent decrease in the price of MegaTek (MGTK) stock during the market decline of March 1, 2001, to March 1, 2002?

(1) The price of MGTK was $56.20 on March 1, 2001.
(2) The price of the stock on January 1, 2002, was only one-quarter of its price as of March 1, 2001.

Answer 1

Insufficient data.

Explanation:

Here, we need to find the percent decrease in the price of the stock during the market decline of March 1, 2001, to March 1, 2002,

i.e
`\frac{\text{Price of stocks on 1 March 2001 - Price of stock 1 March 2002}}{\text{Price on 2001}}* 100`

(1)

∵ The price of the stock during March 1, 2001 = $56.20,

So, the percentage decrease =
`\frac{56.20 - \text{Price of stock March 1, 2002}}{\text{Price on 2001}}* 100`

Thus, data is insufficient to find the percentage decrease.

(2) ∵ The price of the stock during January 1, 2002 = 1 quarter of $56.20,

`=(1)/(4)(56.20)`

= $ 14.05

i.e. we have neither price in 1 march 2001 nor price in 1 march 2002.

Thus, data is insufficient to find the percentage decrease.

Even we combined the statements (1) and (2),

The data is insufficient to find the percentage decrease.