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If you bought a stock last year for a price of
$119, and it has gone down
3.2% 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 $\$ 119$ , and it has gone down $3.2 \%$ since then, how much is the stock worth now, to the nearest cent? $\newline$ Answer:

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Exponential growth and decay: word problems

Full solution

Q. If you bought a stock last year for a price of

\$ 119

, and it has gone down

3.2 \%

since then, how much is the stock worth now, to the nearest cent?

\newline

Answer:

Calculate Percentage Decrease: Determine the percentage decrease in the stock's value. $\newline$ The stock has gone down by $3.2\%$ .
Calculate Decrease in Dollars: Calculate the amount of decrease in dollars. $\newline$ To find the decrease, multiply the original price by the percentage decrease. $\newline$ Decrease = Original Price $\times$ (Percentage Decrease / $100$ ) $\newline$ Decrease = $\$119 \times (3.2 / 100)$
Calculate Current Value: Perform the calculation from Step $2$ . $\newline$ Decrease = $\$119 \times 0.032$ $\newline$ Decrease = $\$3.808$
Round Current Value: Calculate the current value of the stock. $\newline$ Subtract the decrease from the original price to find the current value. $\newline$ Current Value = Original Price - Decrease $\newline$ Current Value = $\$119$ - $\$3.808$
Round Current Value: Calculate the current value of the stock. $\newline$ Subtract the decrease from the original price to find the current value. $\newline$ Current Value = Original Price - Decrease $\newline$ Current Value = $\$119$ - $\$3.808$ Perform the calculation from Step $4$ . $\newline$ Current Value = $\$119$ - $\$3.808$ $\newline$ Current Value = $\$115.192$
Round Current Value: Calculate the current value of the stock. $\newline$ Subtract the decrease from the original price to find the current value. $\newline$ Current Value = Original Price - Decrease $\newline$ Current Value = $\$119$ - $\$3.808$ Perform the calculation from Step $4$ . $\newline$ Current Value = $\$119$ - $\$3.808$ $\newline$ Current Value = $\$115.192$ Round the current value to the nearest cent. $\newline$ The current value of the stock, rounded to the nearest cent, is $\$115.19$ .

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