Question
I am going to give you an example problem and a new problem to help me get answered correctly: Ex. Problem: Suppose that 6 years
I am going to give you an example problem and a new problem to help me get answered correctly:
Ex. Problem:
Suppose that 6 years ago, you purchased 214 shares of stock in a corporation. Between then and now, the stock had a 2:1 split and a 4:1 split. Today, each share sells for $16. If selling all of your shares today would give your investment an annual rate of return of 10%, what was the price per share when you made the purchase 6 years ago?
Round your answer to the nearest dollar. The answer is $72.
How do I solve this one?
NEW PROBLEM:
Suppose that 5 years ago, you purchased 268 shares of stock in a corporation. Between then and now, the stock had a 3:1 split and a 5:1 split. Today, each share sells for $11. If selling all of your shares today would give your investment an annual rate of return of 11%, what was the price per share when you made the purchase 5 years ago?
Round your answer to the nearest dollar.
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