Answer:
The opening price of the stock at the beginning of the day is $16
Step-by-step explanation:
Here, we are interested in calculating the opening price of the stock at the beginning of the day.
Let the opening price be $x
So the amount of gain will be $16.68 - $x
Now, this value correspond to 4.25% of the opening price of the stock which is $x
Hence, mathematically;
4.25% of $x = 16.68 - x
4.25/100 * x = 16.68-x
4.25x/100 = 16.68-x
Cross multiply;
4.25x = 100(16.68-x)
4.25x = 1668 - 100x
100x + 4.25x = 1668
104.25x = 1668
x = 1668/104.25
x = $16
