Question

After several shares of the company stock was sold, a profit of $1320 was earned. The prophet was over 15% over 30 day period. How much were the shares worth when they were originally purchased

Answer 1

$104430

Explanation:

Let's recall the formula

PRT/100 = interest I

Where

P = principal/initial amount

R = rate

T= period or time

P =( 100*I)/(RT)

P =( 100*1320)/(15*(30/356))

P = 132000/1.264

P = $104430