October 1, Mr.Ely decides to buy a hot stock from a commission-free brokerage house. His purchase price of Volatile Inc. is $1000 and he is pleased to see the stock soar 20% the same day he buys it. The next day, however, Volatile plunges 20%.On October 3, the stock is back up 20%, but on October 4, its back down 20%.
Volatile continues its yo-yo trip throughout the month, rising 20% on the odd days and falling 20% on the even days. On October 31, after the 20% gain, Ely sells his stock. He is shocked to receive less than his original investment. How much did he receive?
