You found the following stock quote for DRK Enterprises, Inc., at your favorite

Question

You found the following stock quote for DRK Enterprises, Inc., at your favorite website. You also found that the stock paid an annual dividend of $.65, which resulted in a dividend yield of 1.20 percent. DAILY YTD CompanyY DRK Enterprises vol Close Chg %Chg %Chg .26 0.48% 8.73% Symbol DRK 18,649,130? a. What was the closing price for this stock yesterday? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Closing price $ (54.36) b. How many round lots of stock were traded? (Round your answer to the nearest whole round lot.) Traded lots

Explanation / Answer

a). Solution :- Current price of stock = Dividend on stock / Dividend yield.

= 0.65 / 1.20 %

= $ 54.17 (approx).

Percentage change in stock price = (0.26 / 54.17) * 100

= 0.48 %

Closing price of stock on Yesterday = 54.17 - 0.48 % of 54.17

= 54.17 - 0.26

= $ 53.91

Conclusion :- Closing price for stock on Yesterday = $ 53.91 (approx).

b). Answer :- Traded lots = 18649130 / 100

= 186491.30 (Rounded off to 186491)

Conclusion :- Traded lots = 186491

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