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If you bought a stock last year for a price of
$54, and it has risen
1.9% 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 $\$ 54$ , and it has risen $1.9 \%$ 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

\$ 54

, and it has risen

1.9 \%

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 $\$54$ , and the percentage increase $r$ is $1.9\%$ .
Convert to Decimal: Convert the percentage increase to a decimal. $\newline$ To convert a percentage to a decimal, divide by $100$ . $\newline$ $r = 1.9\% = \frac{1.9}{100} = 0.019$
Calculate Increase: Calculate the amount of increase. $\newline$ The increase $I$ is found by multiplying the original price $P$ by the rate of increase $r$ . $\newline$ $I = P \times r = \$54 \times 0.019$
Perform Increase Calculation: Perform the calculation for the increase. $\newline$ $I = (\$)54 \times 0.019 = (\$)1.026$
Calculate New Price: Calculate the new price of the stock. $\newline$ The new price $N$ is the original price $P$ plus the increase $I$ . $\newline$ $N = P + I = \$54 + \$1.026$
Perform New Price Calculation: Perform the calculation for the new price. N = (\$)\(54 + (\$)\(1\).\(026\) = (\$)\(55\).\(026\)
Round to Nearest Cent: Round the new price to the nearest cent.\(\newline\)The new price rounded to the nearest cent is \(\$55.03\).

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