Answers26-27 Ignite Financial Literacy Personal Finance - EL3403Topic TestQuestion 16
16
QuizMultiple Choice

Topic Test

Question 16 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

Cassie’s broker charges her a commission of $4.25 for every ten shares of stock bought or sold. Cassie buys 92 shares of Hyren Airlines, 130 of Giaco Household Goods, and 126 of Iwad Records. Hyren Airlines costs $13.70 per share, Giaco Household Goods costs $3.28 per share, and Iwad Records costs $8.06 per share. To the nearest dollar, how much money did Cassie spend in total?

Answer
A
$3,851
B
$2,850
C
$2,702
D
$2,551

Explanation

First find the stock cost: 92 × $13.70 = $1,260.40, 130 × $3.28 = $426.40, and 126 × $8.06 = $1,015.56, for a total of $2,702.36. The 348 shares cost 34.8 groups of ten in commission, so the commission is 34.8 × $4.25 = $147.90. Adding the commission gives $2,850.26, which rounds to $2,850, the choice “$2,850.”

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