Question

enice brudley purchased 3,000 shares of GTI petroleum at $6.30 per share. The broker's commission was $19.95 for fewer than 1,000 shares or $0.02 per share for 1,000 or more. What was the cost of the stock? What was the total paid?

Answer 1

Answer:

1. Cost of stock = $ 18,900

2. Total paid = $ 18,960

Step-by-step explanation:

1. Let's review the information provided to us to answer the questions correctly:

Number of GTI petroleum shares purchased by Enice = 3,000

Cost per share = $ 6.30

Broker's commission was $19.95 for fewer than 1,000 shares or $0.02 per share for 1,000 or more

2.  What was the cost of the stock? What was the total paid?

Let's calculate the cost of the stock, this way:

Cost of stock = 3,000 * 6.30

Cost of stock = $ 18,900

Cost of brokers' commission = 3,000 * 0.02

Cost of brokers' commission = $ 60

Total paid = Cost of stock + Cost of broker's commission

Total paid = 18,900 + 60

Total paid = $ 18,960

Answer 2

Answer:

Step-by-step explanation:

Cost of stock (without the broker's fee) : 3000 * 6.30 = 18,900

Cost of broker's fee: 3000 * 0.02 = $ 60

For a total cost of (18,900 + 60) = $18,960