On Monday, an investor bought 100 shares of stock. On Tuesday, the value of the shares went up 2%. How much did the investor pay for the 100 shares if he sold them Wednesday morning for $
1224?
A)$1248
B)$1174
C)$1250
D)$1200

Question

Quizplus · Accepted Answer

The investor sold the shares for $1224 after a 2% increase in value. To find the original price, divide $1224 by 1.02 (100% + 2% = 102%, or 1.02 as a decimal). This gives $1200, which is the amount the investor paid for the 100 shares.

On Monday, an Investor Bought 100 Shares of Stock