Question

If you buy Stock "Y" last year for $64, and it has gone up 8.5% since then, how much is stock "Y" worth now, to the nearest cent? you will get a brainliest if u get it right!

Answer 1

Answer:

Stock "Y" is worth $69.44 now

Step-by-step explanation:

Percentage Calculation

If some number N is to be raised by a certain percentage X, we can easily compute how much the raise was:

$\displaystyle R=N\frac{X}{100}$

The new value of N will be P, computed as the previous value plus the raise

$P=N+R$

$\displaystyle P=N+N\frac{X}{100}$

$\displaystyle P=N(1+\frac{X}{100})$

The stock "Y" was worth N=$64 last year. We know it went up X=8.5%, so the new value will be

$\displaystyle P=64(1+\frac{8.5}{100})$

$\displaystyle P=64(1.085)$

$\boxed{P=\ 69.44}$