Question

A certain stock starts the day at $273/8 per share. If it drops $21/2 during the day, what is its closing value?.

Answer 1

the answer is 24 7/8 just took the test and got it right

Step-by-step explanation:

Answer 2

The closing value is the final price at which a security is traded on a certain transaction day.

It is computed by:
First, knowing how many 1/8's in 1/2 = there is 4.
solution: 1/2 divided by 1/8

Then deduct the starting price to the dropping price
27 - 2 = 25

Then deduct the 3/8 to the 4 you have computed earlier
4/8 - 3/8 = 1/8

The closing price is
25 - 1/8 = 24.88