When the stock market opened yesterday, the price of a share : GMAT Problem Solving (PS)
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# When the stock market opened yesterday, the price of a share

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Senior Manager
Status: May The Force Be With Me (D-DAY 15 May 2012)
Joined: 06 Jan 2012
Posts: 289
Location: India
Concentration: General Management, Entrepreneurship
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When the stock market opened yesterday, the price of a share [#permalink]

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31 Mar 2012, 20:16
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Difficulty:

15% (low)

Question Stats:

76% (01:00) correct 24% (01:06) wrong based on 92 sessions

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When the stock market opened yesterday, the price of a share of stock X was 10 1/2. When the market closed, the price was 11 1/4. Of the following, which is closest to the percent increase in the price of stock X?

A. 0.5%
B. 1.0%
C. 6.7%
D. 7.1%
E. 7.5%
[Reveal] Spoiler: OA

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Last edited by Bunuel on 01 Apr 2012, 01:05, edited 1 time in total.
Edited the question
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Re: Stock Prices [#permalink]

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01 Apr 2012, 01:05
boomtangboy wrote:
15. When the stock market opened yesterday, the price of a share of stock X was . When the market closed, the price was . Of the following, which is closest to the percent increase in the price of stock X?
(A) 0.5%
(B) 1.0%
(C) 6.7%
(D) 7.1%
(E) 7.5%

Question should read:

When the stock market opened yesterday, the price of a share of stock X was 10 1/2. When the market closed, the price was 11 1/4. Of the following, which is closest to the percent increase in the price of stock X?

A. 0.5%
B. 1.0%
C. 6.7%
D. 7.1%
E. 7.5%

General formula for percent increase or decrease, (percent change): $$Percent=\frac{Change}{Original}*100$$.

So, the percent increase in the price of stock X is $$\frac{\frac{45}{4}-\frac{21}{2}}{\frac{21}{2}}*100=\frac{50}{7}%\approx{7.1%}$$.

Answer: D.
_________________
Senior Manager
Status: May The Force Be With Me (D-DAY 15 May 2012)
Joined: 06 Jan 2012
Posts: 289
Location: India
Concentration: General Management, Entrepreneurship
Followers: 3

Kudos [?]: 257 [0], given: 16

Re: When the stock market opened yesterday, the price of a share [#permalink]

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01 Apr 2012, 04:20
Thanks Bunuel.....
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Re: When the stock market opened yesterday, the price of a share   [#permalink] 01 Apr 2012, 04:20
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# When the stock market opened yesterday, the price of a share

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