Question: Shantell recognized the stationery, and looked forward to another of her Aunt Mildred's letters. Inside, though, were a number of documents along with a short note. The note read: "Shantell, your Uncle William and I are so proud of you. You are the first female college graduate in our family. Your parents would have been so proud as well. Please accept these stocks as a gift towards the fulfillment of starting your new business. Cash them in or keep them for later, it's up to you! With love, Aunt Millie." Shantell didn't know how to react. Finishing college had been very difficult for her financially. Having to work two jobs meant little time for studying, and a nonexistent social life. But this she never expected. With dreams of opening her own floral shop, any money would be a godsend. She opened each certificate and found the following information: Alcoa-35 shares at 15 3/8; Coca Cola-150 shares at 24 5/8; IBM- 80 shares at 40 11/16; and AT&T-50 shares at 35 1/8.
1. Shantell knew the certificates were old, because stocks do not trade using fractions anymore. What would the stock prices be for each company if they were converted from fractions to decimals?
2. Using your answers with decimals from Exercise 1, find the total value of each company's stock. What is the total value from all four companies?