Question

The stock of Company A gained 2% today to $27.03. What was the opening price of the stock in the beginning of the day?

Answer 1

The price of the stock in the beginning of the day was $26.5.

Explanation:

This question can be solved using a rule of three.

The initial stock of the company, that we want to find, was 100% = 1.

$27.03 is an increase of 2%, so it is 100+2 = 102% = 1.02%. So

$27.03 - 1.02

$x - 1

`1.02x = 27.03`

`x = (27.03)/(1.02)`

`x = 26.5`

The price of the stock in the beginning of the day was $26.5.