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

Joe invests a total of $900 ($300 each month for three months). In June, he buys 10 shares ($300/$30), in July, 12 shares ($300/$25), and in August, 6 shares ($300/$50), totaling 28 shares. The average price per share is the total investment divided by the total number of shares, which is $900/28 = $32.14.

Joe Dough Buys $300 Worth of ABC Mutual Fund Every