Solve the problem. Refer to the table if necessary.
-Fred Smith bought 39 shares of Acme Steel at $38.25 per share and 119 shares of Kafka Enterprises at $74 per share. Find the total amount that he paid, ignoring broker's commissions.

Question

Solve the problem. Refer to the table if necessary. 
-Fred Smith bought 39 shares of Acme Steel at $38.25 per share and 119 shares of Kafka Enterprises at $74 per share. Find the total amount that he paid, ignoring broker's commissions.

Quizplus · Accepted Answer

The total amount paid for the 39 shares of Acme Steel is $1,491.75 (39 x 38.25).
The total amount paid for the 119 shares of Kafka Enterprises is $8,806 (119 x 74).
Therefore, the total amount paid is $1,491.75 + $8,806 = $10,297.75.
The correct answer is C. To find the total amount that Fred Smith paid, we need to multiply the number of shares by the price per share for each stock and then add the two products. 
For Acme Steel: 39 shares * $38.25 per share = $1,491.75
For Kafka Enterprises: 119 shares * $74 per share = $8,806
Adding these two products: $1,491.75 + $8,806 = $10,297.75
Therefore, the total amount that Fred Smith paid is $10,297.75, which corresponds to choice C.

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