Question

Alan purchased 16 shares of company stock for $390.40. A month later, the total value of his shares fell to $291.20. What is the current price per share if each share costs the same? A. $6.20 B. $18.20 C. $24.04 D. $24.40

Answer 1

Answer:

$6.20.

Step-by-step explanation:

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Answer 2

Answer:

B). $ 18.20

Step-by-step explanation:

Given :

Purchased number of shares = 16

Total value of 16 shares = $ 390.40

Price per share when total value of shares is $ 390.40 = $ 24.40

Find :

The current price per share when the total value of his shares fell to $ 291.2

Solution :

Total value of shares = $ 291.20

Number of shares = 16

⇒ 291.20 / 16

⇒ 18.20

The solution is

B). $ 18.20

★ Verification :

Market Capitalization =

Company share price × Number of shares outstanding

⇒ $ 18.20 × 16

⇒ $ 291.20