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26 January, 10:03

A certain stock starts the day at $273/8 per share. If it drops $21/2 during the day, what is its closing value?.

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  1. 26 January, 11:50
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    The closing value is the final price at which a security is traded on a certain transaction day.

    It is computed by:

    First, knowing how many 1/8's in 1/2 = there is 4.

    solution: 1/2 divided by 1/8

    Then deduct the starting price to the dropping price

    27 - 2 = 25

    Then deduct the 3/8 to the 4 you have computed earlier

    4/8 - 3/8 = 1/8

    The closing price is

    25 - 1/8 = 24.88
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