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If you bought a stock last year for a price of $47, and it has risen 18.7% 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 $47 \$ 47 , and it has risen 18.7% 18.7 \% 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 $47 \$ 47 , and it has risen 18.7% 18.7 \% 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.\newline18.7%18.7\% as a decimal is 18.7/100=0.18718.7 / 100 = 0.187.
  2. Calculate Increase: Calculate the amount of increase.\newlineTo find the amount of increase, multiply the original price by the percentage increase in decimal form.\newlineIncrease = Original Price ∗* Percentage Increase\newlineIncrease = $47×0.187\$47 \times 0.187
  3. Perform Multiplication: Perform the multiplication to find the increase.\newlineIncrease = $47×0.187=$8.789\$47 \times 0.187 = \$8.789
  4. Add to Original Price: Add the increase to the original price to find the new price.\newlineNew Price = Original Price + Increase\newlineNew Price = $47\$47 + $8.789\$8.789
  5. Perform Addition: Perform the addition to find the new price.\newlineNew Price = $47\$47 + $8.789\$8.789 = $55.789\$55.789
  6. Round to Nearest Cent: Round the new price to the nearest cent.\newlineThe new price rounded to the nearest cent is $55.79\$55.79.

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