Question

On the morning of June 4, the stock of Nagasaki Corporation opened at a price of 333/8 per share. By noon, the price had risen 41/4 per share. By the end of the day, the price had fallen 87/8 per share from the price at noon. What was the closing price for the day?

a) 28.50
b) 31.25
c) 29.50
d) 30.75

Answer 1

After recalculating the closing price of Nagasaki Corporation's stock using fractional representations, the correct closing price is found to be $51.25, which is not listed among the given answer choices. This suggests there may be an error in the question's data or answer choices.

Step-by-step explanation:

The question asks us to calculate the closing price of Nagasaki Corporation's stock for the day given the opening price and the changes that occurred during the day. We begin with the stock's opening price and adjust for the change in price at noon and by end of day.

First, let's convert the stock prices into decimal form:

• Opening price: 333/8 = $33.375
• Price increase by noon: 41/4 = $10.25
• Price decrease by end of day: 87/8 = $10.875

Next, we calculate the price at noon by adding the increase to the opening price:

$33.375 + $10.25 = $43.625

Finally, we determine the closing price by subtracting the decrease from the noon price:

$43.625 - $10.875 = $32.75

However, the closing price of $32.75 is not one of the answer choices. Thus, we need to re-check the calculations using the fractional form.

Correct Calculation:

1. Opening price: 333/8
2. Add the increase by noon: 333/8 + 41/4 = 333/8 + 165/8 = 498/8 = 62.25
3. Subtract the decrease by end of day: 62.25 - 87/8 = 62.25 - 10.875 = 51.375

Since 51.375 is not in fractional form, and we might have made an error due to converting to decimals, let's stick to the fractional representation:

In fractional form, the calculation is as follows:

1. Add the increase by noon: 333/8 + 41/4 = 333/8 + 165/8 = 498/8 = 62.25/8
2. Then 62.25/8 is 497/8 in fractional form. Let's subtract 87/8: 497/8 - 87/8 = 410/8
3. To reduce this fraction: 410/8 = 51.25

With the corrected calculation, we finally have the correct closing price, which is $51.25. Thus, the initial approach was incorrect and after recalculating, we've concluded that the answer is not listed in the available choices provided in the question, indicating a possible error in the question's data or choices.