Question

Julie Martin is investing $26,600 in the Invesco Charter mutual fund. The fund charges a 4.50 percent commission when shares are purchased. Calculate the amount of commission Julie must pay.

Answer 1

Answer:

$1,264.50

Explanation:

Calculation for the amount of commission Julie must pay.

Using this formula

Commission=Investment amount× Fund charges percentage

Let plug in the formula

Commission= $28,100 × 0.045

Commission= $1,264.50

Therefore the amount of commission Julie must pay is $1,264.50