Nadia bought 200 shares of stock at 34 1/2. She had to pay a 1%
commission to her broker. What was the total price of the stock?
$6,969
To find the total price of the stock, we need to calculate the cost of the shares and the commission.
Step 1: Calculate the cost of the shares
Nadia bought 200 shares of stock at $34 1/2.
To convert the mixed number to an improper fraction, we multiply the whole number (34) by the denominator (2) and add the numerator (1). This gives us 35/2.
To calculate the cost of the shares, we multiply the number of shares (200) by the cost per share (35/2).
Cost of shares = 200 * (35/2)
= (200 * 35) / 2
= 7000 / 2
= $3500
Step 2: Calculate the commission
Nadia had to pay a 1% commission to her broker.
To calculate the commission, we multiply the cost of the shares by the commission rate (1%).
Commission = 1% of $3500
= (1/100) * $3500
= $35
Step 3: Calculate the total price
To find the total price of the stock, we add the cost of the shares and the commission.
Total price = Cost of shares + Commission
= $3500 + $35
= $3535
Therefore, the total price of the stock is $3535
To find the total price of the stock, we need to consider two factors: the cost per share and the commission paid to the broker.
First, let's calculate the cost per share. Nadia bought 200 shares at a price of 34 1/2. To find the cost per share, we convert the mixed number 34 1/2 to an improper fraction:
34 1/2 = (34 * 2 + 1) / 2 = 69/2
So, the cost per share is 69/2.
Next, we need to calculate the commission. The commission is a percentage of the cost of the stock. Nadia paid a 1% commission to her broker. To calculate the commission amount, we multiply the cost of the stock by 1% (or 0.01).
Commission = (69/2) * 0.01
Finally, to find the total price of the stock, we add the cost of the stock and the commission:
Total Price = (69/2) + Commission
By calculating these values, we can determine the total price of the stock.