A pension fund purchased 15 round lots of Aldridge, Inc., stock at the closing price of the day yesterday. The stock opened at $34.60 per share today, the current price is $34.50 per share, and the stock is down by $.20 per share. What was the cost of that purchase?
A)$4,410
B)$5,205
C)$52,050
D)$71,200
E)$86,800

Question

Quizplus · Accepted Answer

The stock is currently $34.50 per share and is down by $.20 per share, which means it closed at $34.70 per share yesterday. Since a round lot is 100 shares, the cost of the purchase is 15 lots * 100 shares/lot * $34.70/share = $52,050.

A Pension Fund Purchased 15 Round Lots of Aldridge, Inc