Answer:
16
Step-by-step explanation:
Let the opening price be x
So the amount of gained will be $16.68 - $x
Next, this value correspond to 4.25% of the opening price of the stock which is x
Thus,
[tex]4.25[/tex]% of [tex]x = 16.68 - x[/tex]
[tex]\frac{4.25}{100} * x = 16.68-x[/tex]
Cross multiply
[tex]4.25x = 100(16.68-x)[/tex]
[tex]4.25x = 1668 - 100x[/tex]
[tex]100x + 4.25x = 1668[/tex]
[tex]104.25x = 1668[/tex]
[tex]x = \frac{1668}{104.25}[/tex]
[tex]x = $16[/tex]
Check Answer:
$16 x 4.25%=.68
$16 + .68 = 16.68
Hence, x = 16 is correct
[RevyBreeze]
