JeffTargetTestPrep wrote:
carcass wrote:
The closing price of Stock X changed on each trading day last month. The percent change in the closing price of Stock X from the first trading day last month to each of the other trading days last month was less than 50 percent. If the closing price on the second trading day last month was $ 10.00, which of the following CANNOT be the closing price on the last trading day last month?
A. $ 3.00
B. $ 9.00
C. $ 19.00
D. $ 24.00
E. $29.00
A. $ 3.00
B. $ 9.00
C. $ 19.00
D. $ 24.00
E. $29.00
Let us begin by determining a range for the closing price on the first trading day of the last month.
Let us denote the closing price on the first day by x. We are given that the closing price on the second trading day was $10. We know x could increase by no more than 50% to become 10, or x could decrease by no more than 50% to become 10.
If x increases by 50% to become 10, then (1.5)x = 10 and hence x = 6.67.
If x decreases by 50% to become 10, then (0.5)x = 10 and hence x = 20.
We see that the closing price on the first
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Statistics : Posted by woohoo921 • on 25 Jul 2017, 10:45 • Replies 11 • Views 35628
