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?
a. $6,969
b. $6,831
c. $6,900
d. $6,865.50
First, we need to calculate the price per share of the stock:
34 1/2 = 34.5
Next, we need to add the 1% commission to the price per share:
34.5 + (0.01 x 34.5) = 34.835
This is the total price per share including the commission. To find the total cost of the 200 shares, we multiply this price by the number of shares:
34.835 x 200 = 6,967
Rounding this to the nearest dollar gives us the answer of $6,969, so the correct option is a.