Marge purchased 60 shares of stock at $62.50 per
share. There was a 4.5% purchase fee for the stock she bought.
What was the amount of the purchase fee Marge had to pay?
A $3750.00
B $1687.50 **
C $281.25
D $168.75
Nope. Check your decimal point.
To find the amount of the purchase fee, we need to calculate 4.5% of the total cost of the stock Marge bought.
First, we find the total cost of the stock Marge purchased by multiplying the number of shares (60) by the price per share ($62.50):
Total cost = 60 shares * $62.50/share
Total cost = $3750.00
Next, we calculate the purchase fee by multiplying the total cost by the purchase fee rate (4.5%):
Purchase fee = 4.5% * $3750.00
Purchase fee = 0.045 * $3750.00
To find the amount, we evaluate the expression:
Purchase fee = $1687.50
Therefore, the amount of the purchase fee Marge had to pay is $1687.50. The answer is option B.