Palm, Inc. is a worldwide supplier of handheld computing devices. On October 23, 2005, shares of Palm stock?

Question

This is not a homework question this is praciting for a test and I need help please. ;)

Palm, Inc. is a worldwide supplier of handheld computing devices. On October 23, 2005, shares of Palm stock closed at $2.44. This represents a 97.4% decrease in stock price from the closing price on March 2, 2000. Find the closing price on March 2, 2000. Round to the nearest cent

Answer 1

Solve this for x:
x - 0.974x = 2.44
(1 - 0.974)x = 2.44
0.026x = 2.44
26x = 2440
x = 2440 / 26
x = 93.85 (rounded to the nearest cent)

So the stock price was $93.85. It now has 2.6% of its original value (it had a 97.4% drop) and is at 2.44.

Notice how $93.85 * 2.6% = $2.44

So the answer is $93.85