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4. A stock sells for $6.99 on December 31, providing the seller with a 6% annual return. What was the price of the stock at the beginning of the year

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abiolataiwo2015

Answer:

$6.59

Explanation:

Calculation to determine What was the price of the stock at the beginning of the year

Using this formula

Price of stock=Price value =Selling price (1/1+I)^n

Let plug in the formula

Price of stock=$6.99(1/1+6%)^n

Price of stock=6.99/1.06

Price of stock=$6.59

Therefore the price of the stock at the beginning of the year is $6.59

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