Question #02955
1 Answer
Oct 5, 2016
$10.00
Explanation:
If 20 shares of stock were $175, each share must have cost $8.75 ($175/20), assuming that all the stocks cost the same.
If the total profit of 20 shares that were sold was $25, the profit on each share must have been $1.25 ($25/20).
Add the profit made on each share, $1.25 to the initial cost of each stock, $8.75, to find the selling price of each stock to be $10.00.
