question\nthe stock of company a lost 2% today to $30.38. what was the opening price of the stock in the…
question\nthe stock of company a lost 2% today to $30.38. what was the opening price of the stock in the beginning of the day?
Answer
Explanation:
Step1: Let the opening - price be $x$.
The stock lost 2% of its value, so the closing - price is $(1 - 0.02)x$.
Step2: Set up the equation.
We know that $(1 - 0.02)x=30.38$, which simplifies to $0.98x = 30.38$.
Step3: Solve for $x$.
$x=\frac{30.38}{0.98}$. $x = 31$.
Answer:
$31$