Question

On May 3rd, XYZ Corp. closes at $32/share. The next day it increases in price 17%. What is the

closing price on May 4th?

Answer 1

The closing price on May 4th is $37.44.

Step-by-step explanation:

To find the closing price on May 4th, we need to calculate a 17% increase from the closing price on May 3rd.

17% of $32 is calculated by multiplying 0.17 and $32, which is $5.44.

To find the closing price on May 4th, we add the increase of $5.44 to the closing price on May 3rd. $32 + $5.44 = $37.44.

Therefore, the closing price on May 4th is $37.44.