Melanie purchased 621 shares of Animite Energy at $30.60 apiece. When the price hit $36.23 per share, Melanie sold her holdings

Question

2 years ago

8

Melanie purchased 621 shares of Animite Energy at $30.60 apiece. When the price hit $36.23 per share, Melanie sold her holdings

in Animite Energy. Melanie's broker charges $48 for each $1,000 of stock bought or sold. How much profit did Melanie make? A. $1,504.17 b. $22,498.83 c. $3,496.23 d. $1,992.06

Mathematics

1 answer:

eimsori [14] · Answer 1 · 2022-08-28T23:18:01+03:00

Answer:

A. $1,504.17

Step-by-step explanation:

Total cost of producing 621 shares

= 621 × 30.60

= 19002.6

Also, cost of selling 621 shares at $48 each is

= 621 × 36.23

= 22498.83

Also, the charges paid as brokerage during purchase and selling of shares

= [19002/1000 + 22498.83/1000] × 48

= [19.0026 + 22.49883] × 48

= 1992.06864

Therefore,

Net profit = 22498.83 - 19002.6 - 1992.06864

Net profit = $1,504.17