Sean invested $10,000 in a mutual fund with a stated commission of 6 percent.If each share of the mutual fund had a net asset value of $27,how many shares would Sean be able to purchase?

Question

Quizplus · Accepted Answer

The commission on the investment would be 6% of $10,000, which is $600. So Sean has $9,400 to purchase mutual fund shares.
To calculate how many shares he could purchase, we divide $9,400 by the net asset value per share: 
$9,400 ÷ $27 = 348.15 
Therefore, Sean would be able to purchase 348 shares (rounded to two decimal places). 
Choice C is the closest option to this answer, with 348.15 rounded to the nearest whole share.

Sean Invested $10,000 in a Mutual Fund with a Stated