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If you bought a stock last year for a price of
$80, and it has risen
2.9% 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 $\$ 80$ , and it has risen $2.9 \%$ 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

\$ 80

, and it has risen

2.9 \%

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

\newline

Answer:

Identify original price and percentage increase: Identify the original price of the stock and the percentage increase. $\newline$ The original price of the stock $P$ is $\$80$ , and the percentage increase $r$ is $2.9\%$ .
Convert percentage to decimal: Convert the percentage increase to a decimal. $\newline$ To convert a percentage to a decimal, divide by $100$ . $\newline$ $r = 2.9\% = \frac{2.9}{100} = 0.029$
Calculate amount of increase: Calculate the amount of increase. $\newline$ The increase $I$ is found by multiplying the original price $P$ by the rate of increase $r$ . $\newline$ $I = P \times r = \$(80) \times 0.029$
Perform increase calculation: Perform the calculation for the increase. $\newline$ $I = (\$)80 \times 0.029 = (\$)2.32$
Calculate new price: Calculate the new price of the stock. The new price $N$ is the original price $P$ plus the increase $I$ . $N = P + I = \$80 + \$2.32$
Perform new price calculation: Perform the calculation for the new price. N = (\$)\(80 + (\$)\(2\).\(32\) = (\$)\(82\).\(32\)

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