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If you bought a stock last year for a price of
$71, and it has risen
9.6% 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 $\$ 71$ , and it has risen $9.6 \%$ 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

\$ 71

, and it has risen

9.6 \%

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 $\$71$ , and the percentage increase $r$ is $9.6\%$ .
Convert Percentage to Decimal: Convert the percentage increase to a decimal to use in calculations. $\newline$ To convert a percentage to a decimal, divide by $100$ . $\newline$ $r = 9.6\% = \frac{9.6}{100} = 0.096$
Calculate Amount of Increase: Calculate the amount of increase in the stock's price. The increase $I$ is found by multiplying the original price $P$ by the rate of increase $r$ . $I = P \times r = \$71 \times 0.096$
Perform Multiplication for Increase: Perform the multiplication to find the increase. $\newline$ I = $\$71 \times 0.096 = \$6.816$
Add Increase 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 $I$ . $\newline$ $N = P + I = \$71 + \$6.816$
Perform Addition for New Price: Perform the addition to find the new price. $N = (\$)71 + (\$)6.816 = (\$)77.816$
Round New Price: Round the new price to the nearest cent. $\newline$ The new price rounded to the nearest cent is $\$77.82$ .

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