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15 Mar 2012, 01:30
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C
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If x equally priced shares of a certain stock were valued at $25,000 on Monday, what was the value per share of the stock on Friday?
(1) The value of each share increased by 3% between Monday and Friday.
(2) The value of each share increased by $1.50 between Monday and Friday.
(1) The value of each share increased by 3% between Monday and Friday.
(2) The value of each share increased by $1.50 between Monday and Friday.
15 Mar 2012, 02:25
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If x equally priced shares of a certain stock were valued at $25,000 on Monday, what was the value per share of the stock on Friday?
Notice that we are asked to find the value PER SHARE on Monday.
(1) The value of each share increased by 3% between Monday and Friday. Not sufficient.
(2) The value of each share increased by $1.50 between Monday and Friday. Not sufficient.
(1)+(2) Since 3% increase resulted in $1.50 increase in value then (old price per share)*0.03=$1.50 --> old price per share=$50 --> new price per share $50*1.03=$51.5. Sufficient.
Answer: C.
Notice that we are asked to find the value PER SHARE on Monday.
(1) The value of each share increased by 3% between Monday and Friday. Not sufficient.
(2) The value of each share increased by $1.50 between Monday and Friday. Not sufficient.
(1)+(2) Since 3% increase resulted in $1.50 increase in value then (old price per share)*0.03=$1.50 --> old price per share=$50 --> new price per share $50*1.03=$51.5. Sufficient.
Answer: C.
General Discussion
21 Mar 2016, 11:02
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The solution to this question has been provided by others. I just wish to add my two cents.
We are asked about the price per share on Friday, given that the value of shares on Monday is 25000. Now there are two unknowns i.e. quantity (call X) and Price per share (call Pf price on friday and Pm price on monday)
Now , 25000 = X*Pm
1) Price increased 3% from Friday. Let us say the price on Monday is 25000 then the price on Friday will be 23565. But let us say the price were 12500 on Monday then we will get 11782 on Friday. We will get different answers depending on what the price on Monday is. We are asked a number, but all we been given is a percentage. This does not work.
2) Price increased 1.5 from Friday. Since the price on Monday is unknown, we don't know where we ended so cant tell where we started from. Not suff
Combine 1 and 2 now it tells that the 1.5 is a 3% increase from Friday to Saturday. So we know that price on Friday is 3% * Pf = 1.5---> Pf = 50. Sufficient
We are asked about the price per share on Friday, given that the value of shares on Monday is 25000. Now there are two unknowns i.e. quantity (call X) and Price per share (call Pf price on friday and Pm price on monday)
Now , 25000 = X*Pm
1) Price increased 3% from Friday. Let us say the price on Monday is 25000 then the price on Friday will be 23565. But let us say the price were 12500 on Monday then we will get 11782 on Friday. We will get different answers depending on what the price on Monday is. We are asked a number, but all we been given is a percentage. This does not work.
2) Price increased 1.5 from Friday. Since the price on Monday is unknown, we don't know where we ended so cant tell where we started from. Not suff
Combine 1 and 2 now it tells that the 1.5 is a 3% increase from Friday to Saturday. So we know that price on Friday is 3% * Pf = 1.5---> Pf = 50. Sufficient
