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If you bought a stock last year for a price of
$141, and it has risen
13% 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 $\$ 141$ , and it has risen $13 \%$ 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

\$ 141

, and it has risen

13 \%

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

\newline

Answer:

Identify Price and Increase: Identify the original price of the stock and the percentage increase. $\newline$ The original price of the stock $P$ is $\$141$ , and the percentage increase $r$ is $13\%$ .
Convert to Decimal: Convert the percentage increase to a decimal to use in calculations. $\newline$ To convert a percentage to a decimal, divide by $100$ . $\newline$ $r = 13\% = \frac{13}{100} = 0.13$
Calculate Increase: Calculate the amount of increase in the stock's price. $\newline$ The increase $I$ is found by multiplying the original price $P$ by the rate of increase $r$ . $\newline$ $I = P \times r$ $\newline$ $I = \$(141) \times 0.13$
Find Amount: Perform the calculation to find the increase. $\newline$ $I = (\$)141 \times 0.13$ $\newline$ $I = (\$)18.33$
Add to Original Price: Add the increase to the original price to find the new price of the stock. $\newline$ The new price $N$ is the original price $P$ plus the increase $I$ . $\newline$ $N = P + I$ $\newline$ $N = \$(141) + \$(18.33)$
Calculate New Price: Perform the calculation to find the new price of the stock. $\newline$ $N = (\$)141 + (\$)18.33$ $\newline$ $N = (\$)159.33$

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