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Question

Yesterday's closing prices of 2420 different stocks listed on a certain stock exchange were all different from today's closing prices. The number of stocks that closed at a higher price today than yesterday was 20 percent greater than the number that closed at a lower price. How many of the stocks closed at a higher price than yesterday?

A
484
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B
726
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C
1100
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D
1320
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E
1694
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Solution

The correct option is D 1320
Let n be the number of stocks that closed at a lower price today than yesterday. Then 1.2n is the number of stocks that closed at a higher price today than yesterday, and 1.2n is the value asked for.
Because the total number of stocks is 2420, it follows that n=24202.2=1,100.
And, hence, 1.2n=(1.2)(1,100)=1,320.
Therefore, the stocks closed ata higher price today than yesterday are 1320.

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