Bobby bought 550 shares of stock at $61.25 per share. His broker charges 4% commission for round lots and 5% for odd lots. Calculate the total cost of the stock purchase.

Question

Quizplus · Accepted Answer

The total cost of the stock purchase is the sum of the purchase price and the commission. The purchase price is 550 * $61.25 = $33,712.50. The commission is 4% of $33,712.50 = $1,348.44. Therefore, the total cost of the stock purchase is $33,712.50 + $1,348.44 = $35,060.94.

Bobby Bought 550 Shares of Stock at $61