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The stock of Company A gained 6% today to $33.39. What was the opening price of the stock in the beginning of the day? Answer:

The stock of Company A gained 6% 6 \% today to $33.39 \$ 33.39 . What was the opening price of the stock in the beginning of the day?\newlineAnswer:

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Q. The stock of Company A gained 6% 6 \% today to $33.39 \$ 33.39 . What was the opening price of the stock in the beginning of the day?\newlineAnswer:
  1. Calculate Opening Price: To find the opening price of the stock, we need to calculate the price before the 6%6\% gain. We know the closing price after the gain is $33.39\$33.39, and the gain represents 106%106\% of the opening price (100%100\% original price + 6%6\% gain).\newlineWe can set up the equation: Opening Price×1.06=Closing Price\text{Opening Price} \times 1.06 = \text{Closing Price}.\newlineNow we need to solve for the Opening Price.
  2. Divide by 11.0606: We divide the closing price by 1.061.06 to find the opening price.\newlineOpening Price = Closing Price1.06\frac{\text{Closing Price}}{1.06}\newlineOpening Price = $33.391.06\frac{\$33.39}{1.06}
  3. Perform Division: Perform the division to find the opening price.\newlineOpening Price = $33.39/1.06\$33.39 / 1.06\newlineOpening Price ≈$31.50\approx \$31.50

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