Acertain stock starts the day at $ 27 3/8 per share. if it drops 2 1/2 during the day, what is its closing value

The correct answer is either US$ 24.875 or US$ 24 7/8

Step-by-step explanation:

Stock price at the beginning of the day = US$ 27 3/8

Stock price at the beginning of the day = US$ 27 3/8 - US$ 2 1/2

There are two ways of solving this question:

1. Keeping the values as fractional numbers

27 3/8 - 2 1/2

[(27 * 8) + 3]/8 - [(2 * 2) + 1]/2

219/8 - 5/2 = 219/8 - 20/8 = 199/8

199/8 = 24 7/8

The closing value is US$ 24 7/8

2. Converting the values to decimal numbers

27 3/8 - 2 1/2

27.375 - 2.5 = 24.875

The closing value is US$ 24.875

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