12
QuizMultiple Choice

Buying and Selling Stock

Question 12 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

Stephen bought 85 shares of United Rotators at $6.34 each, 110 shares of Dowc Beverage Co. at $13.13 apiece, and 133 shares of Esti Transport at $7.10 each. If Stephen’s broker collects a commission of $12.50 for every ten shares bought or sold, how much did Stephen spend in total, to the nearest dollar?

Answer
A
$2,972
B
$3,338
C
$6,688
D
$2,438

Explanation

The shares cost 85 × $6.34 = $538.90, 110 × $13.13 = $1,444.30, and 133 × $7.10 = $944.30, for a total of $2,927.50. The 328 shares incur a commission of 328 ÷ 10 × $12.50 = $410. Add the commission to the share cost: $2,927.50 + $410 = $3,337.50, which rounds to $3,338. The correct choice is $3,338.

AI-written and checked against the verified answer.

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