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You found the following stock quote for Gigantus Corporation in today’s newspaper. What was the stock...

You found the following stock quote for Gigantus Corporation in today’s newspaper. What was the stock selling for on January 1? (Do not round intermediate calculations. Round your answer to 2 decimal places.) DAILY YTD 52 WEEK Company Symbol Vol Close Chg %Chg %Chg High Low %Chg Gigantus GIG 12,805,325 48.92 0.72 1.47% −1.20% 62.81 45.93 6.5%

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Answer #1

The 52 week hi/low/change is immaterial (unless its on Dec. 31). Only the YTD % change gives you info as to the price at the beginning of the year. Since the price today as against Jan. 1 is down by 1.20% it is only worth 98.80% today and your calculation is:

= $48.92 / 0.9880 = $49.51

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