Answer the following questions on the basis of the information given below:

Two traders, Chetan and Michael, were involved in the buying and selling of MCS
shares over fve trading days. At the beginning of the frst day, the MCS share was
riced at !s."##, while at the end of the ffth day it was riced at !s.""#. At the end
of each day, the MCS share rice either went u by !s."#, or else, it came down by
!s."#. $oth Chetan and Michael too% buying and selling decisions at the end of each
trading day. The beginning rice of MCS share on a given day was the same as the
ending rice of the revious day. Chetan and Michael started with the same number
of shares and amount of cash, and had enough of both below are some additional
facts about how Chetan and Michael traded over the fve trading days.
& 'ach day if the rice went u, Chetan sold "# shares of MCS at the closing rice.
(n the other hand, each day if the rice went down, he bought "# shares at the
closing rice.
& )f on any day, the closing rice was above !s.""#, then Michael sold "# shares of
MCS, while if it was below !s.*#, he bought "# shares, all at the closing rice.
". )f Chetan sold "# shares of MCS on three consecutive days, while Michael sold "#
shares only once during the fve days, what was the rice of MCS at the end of day
+&
,"- !s.*# ,.- !s."## ,+- !s.""# ,/- !s.".# ,0- !s."+#
.. )f Chetan ended u with !s."+## more cash than Michael at the end of day 0,
what was the rice of the MCS share at the end of day /&
,"- !s.*# ,.- !s."## ,+- !s.""# ,/- !s.".# ,0- 1ot uniquely determinable
+. )f Michael ended u with .# more shares than Chetan at the end of days 0, what
was the rice of the shares at the and of day +&
,"- !s.*# ,.- !s."## ,+- !s.""# ,/- !s.".# ,0- !s."+#
/. )f Michael ended u with !s."## less cash than Chetan at the end of day 0, what
was the di2erence in the number of shares ossessed by Michael and Chetan ,at
the end of day 0-&
,"- Michael had "# less shares than Chetan.
,.- Michael had "# more shares than Chetan.
,+- Chetan had "# more shares than Michael.
,/- Chetan had .# more shares than Michael.
,0- $oth had the same number of shares.
0. 3hat could have been the ma4imum ossible increase in combined cash balance
of Chetan and Michael at the end of the ffth day&
,"- !s.+5## ,.- !s./### ,+- !s./5## ,/- !s.0### ,0- !s.6###
Answers:
".,+-
..,.-
+.,"-
/.,0-
0.,/-
'4lanation:
7ere the total increase in the rice of the share is !s."#.
7ence, of the fve days, there must be an increase for three of the fve days and
there is decrease for two days.
". ,+- 8iven that, Michael sold "# shares only once. 7ence, the rice is more than
""# for only one day and on all the remaining days it is not more than ""#. 3e can
get the share rice as ".# with three increase and two decreases. $ut as the three
increases are on consecutive days, the three days can be ,9ay ", 9ay ., 9ay +- or
,9ay ., 9ay +, 9ay /,- or ,9ay +, 9ay /, 9ay 0-. $ut it cannot be ,9ay ", 9ay .,
9ay+-, the reason being that the rice will be more than ""# on day . as well as
9ay +, )t cannot be ,9ay +, 9ay /, 9ay 0- the reason being that the rice cannot be
".# on any of the days.
The increase must be on ,9ay ., 9ay+, 9ay/,-.
There is a decrease on 9ay " and 9ay 0
The rice at the end of 9ay + is "##:"#;"#;"#<""#.
.. ,.- 8iven that Chetan ended u with !s."+## more than Michael at the end of
9ay 0. The ma4imum ossible change in the amount with Chetan with !s."+##, as
he sells shares on three days and buys shares on the remaining two days.
Michael should not have sold any shares and also he should not have bought any
shares.
The share rice did not cross ""# or did not fall below *# on any of the days. The
rice of the share at the end of 9ay / cannot be ".#. )t must be "##.
+. ,"- Chetan will sell "# shares each for three days and buy shares for two days.
7ence, if he had 4 shares at the beginning of 9ay ", he fnally had ,4:"#- shares at
the end of 9ay 0. Michael had ,4;"#- shares on 9ay 0. 7e bought "# shares on one
of the fve days i.e shares rice should be less than *# on that day. )t should be =#.
7ence, the only ossibility is "##:*#:=#:*#:"##:"## 9ay " 9ay . 9ay + 9ay / 9ay 0
)t is *# at the end of 9ay +.
/. ,0- )f the di2erence in the shares is "# or more, the di2erence in the amounts
would be close to !s."###, but it is given the di2erence is !s."##.
The number of shares with them must be the same. The following table reresents
one of the ossibilities where Michael ended u with !s."## less than Chetan, while
both of them ended u with the same number of shares.
$eginning 'nding
9ay " "## ""#
9ay . ""# ".#
9ay + ".# ""#
9ay / ""# "##
9ay 0 "## ""#
0.,/- The ma4imum ossible cash balance is ossible, when both of them sell the
ma4imum number of shares.
That haens in the following case.
$eginning 'nding
9ay " "## ""#
9ay . ""# ".#
9ay + ".# "+#
9ay / "+# ".#
9ay 0 ".# ""#
The change in amount with Chetan
< ,""#>"#- ; ,".#>"#- ; ,"+#>"#- ? ,".#>"#- ? ,""#>"#- <"+##
That with Michael < ,".#>"#- ; ,"+#>"#- ; ,".#>"#- < +5##
Total < !s.0###.