Answer:
$117
Step-by-step explanation:
Given: Price of stock= $130
Price of stock has gone down to 10.3% after a year.
As given price of stock will go down to 10.3%
Price of stock reduced = [tex]\frac{10.3}{100} \times 130[/tex]
∴ Price of stock reduced= [tex]\$ 13.39[/tex]
Present price of stock = [tex]previous\ price\ of\ stock - price\ of\ stock\ reduced[/tex]
Present price of stock= [tex]130 - 13.39 = 116.61[/tex]
∴ Present price of stock to the nearest cent is $117
