Question

If you bought a stock last year for a price of $36, and it has gone down 16.6% since then, how much is the stock worth now, to the nearest cent?

Answer 1

The stock is now worth of $30.024.

Explanation:

Here, the price of the stock last year =$36

The percentage down in the price of stock in a year = 16.6 %

Now, 16.6% of the value of stock $36 =
`(16.6)/(100)  * 36= 5.976`

⇒16.6% of $36 = $ 5.976

Now, the Current Worth of Stock = Stock Value last year - Decrease in the stock price

= $36 - $ 5.976 = $30.024

Hence, the stock is now worth of $30.024.