Serina bought 300 shares of stock at 24 1/2. She had to pay a 1%
commission to her broker. What was the total price of the stock?
$7,423.50
To find the total price of the stock, we need to calculate the cost of the shares and add the commission. Here's how you can do it:
1. Calculate the cost of the shares:
- Multiply the number of shares (300) by the price per share (24 1/2).
- To multiply a whole number by a fraction, convert the whole number to a fraction first:
- 24 = 24/1
- 24 1/2 = (24 * 2 + 1)/2 = 49/2
- Multiply: 300 * 49/2 = (300 * 49)/(2) = 14700/2 = 7350
So, the cost of the shares is $7350.
2. Calculate the commission:
- The commission is 1% of the cost of the shares.
- To find 1% of a number, divide the number by 100.
- Calculate: $7350 / 100 = $73.50
3. Find the total price of the stock:
- Add the cost of the shares ($7350) and the commission ($73.50).
- Total price = $7350 + $73.50 = $7423.50
Therefore, the total price of the stock is $7423.50.