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If you bought a stock last year for a price of $117, and it has risen 5% since then, how much is the stock worth now, to the nearest cent? Answer:

If you bought a stock last year for a price of $117 \$ 117 , and it has risen 5% 5 \% since then, how much is the stock worth now, to the nearest cent?\newlineAnswer:

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Q. If you bought a stock last year for a price of $117 \$ 117 , and it has risen 5% 5 \% since then, how much is the stock worth now, to the nearest cent?\newlineAnswer:
  1. Convert to Decimal: Determine the percentage increase in decimal form.\newlineTo convert a percentage to a decimal, divide by 100100.\newline5%5\% as a decimal is 5100=0.05\frac{5}{100} = 0.05.
  2. Calculate Increase: Calculate the amount of increase on the original price. Multiply the original price by the decimal form of the percentage increase. Increase = $117×0.05\$117 \times 0.05.
  3. Calculate Increase Amount: Perform the calculation for the increase.\newlineIncrease = $117×0.05=$5.85\$117 \times 0.05 = \$5.85.
  4. Add to Original Price: Add the increase to the original price to find the new value of the stock.\newlineNew value = Original price + Increase.\newlineNew value = $117\$117 + $5.85\$5.85.
  5. Calculate New Value: Perform the calculation for the new value.\newlineNew value = $117\$117 + $5.85\$5.85 = $122.85\$122.85.

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