Multiple choice

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Directions: Refer to the data below and answer the question that follows. A stock analyst tracked the prices of 10 technology stocks listed on NASDAQ in the year 2023. The prices of the stocks (in Rs.) on December 31, 2023 were called 'closing prices', while the prices of the stocks on January 1, 2023 were called 'opening prices'. It was observed that the price of each of these 10 stocks increased by exactly 6%, 8%, 10%, 12%, or 14% between January 1, 2023 and December 31, 2023. However, the opening price on January 1, 2023 was an integer value for all the stocks. The table below shows the closing prices of each stock on December 31, 2023: Stock Closing Price (in Rs.) as on December 31, 2023 P 2862 Q 3192 R 2915 S 2970 T 3080 U 3024 V 2968 W 3021 X 3078 Y 3135 The stock analyst then ranked the stocks in ascending order of their opening prices. If two or more stocks had the same opening price, they were sorted in the alphabetical order. The sequence of the stocks so arranged by the analyst was: V, W, P, U, R, S, Q, T, X, Y.

What was the percentage increase in the price of stock R?

  1. 6%

  2. 8%

  3. 10%

  4. 12%

  5. 14%
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A Correct answer
AI explanation

Since the opening price must be an integer, we work backwards from the closing price of R (Rs. 2915) by dividing it by the possible percentage increase factors expressed as decimals. If we assume an 8% increase, the opening price would be 2915 divided by 1.08, which is approximately 2699.07 and not an integer. Dividing 2915 by 1.06 for a 6% increase gives exactly 2750, satisfying the integer condition and matching the rank order.

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