Joe Dough buys $300 worth of ABC mutual fund every month.In June Joe pays $30 per share,in July he pays $25 per share and in August he pays $50 per share.What is Joe's average price per share?

Question

Quizplus · Accepted Answer

Let's calculate the total number of shares that Joe bought each month.
In June, Joe bought $300/$30 = 10 shares
In July, Joe bought $300/$25 = 12 shares
In August, Joe bought $300/$50 = 6 shares

The total number of shares that Joe bought = 10 + 12 + 6 = 28 shares
The total amount Joe spent = $900

Now, let's calculate the average price per share:
Average price per share = Total amount spent / Total number of shares bought
Average price per share = $900 / 28 shares
Average price per share ≈ $32.14

Therefore, the correct answer is D) $32.14

Joe Dough Buys $300 Worth of ABC Mutual Fund Every