What is the average price of a share of stock in the Dow list when the DJIA is 11,000? (Assume that each $1 increase causes the average to increase by about 6.42 points and that the DJIA has 30 stock prices. Round your answers to the nearest cent.)
The average price is $ ________ for all 30 stocks together and the average price per individual stock is $ ________ per share?
I figured this one out.
Here's how...
11000 / 6.42 = 1713.395639 rounded off nearest cent that is 1713.40 for all 30 shares.
Then take 1713.40 / 30 = 57.11318795 nearest cent 57.11
I knew I was on the right track when the answers had to be rounded off instead of whole numbers.
