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?
a. $7,352.40
b. $7,276.50
c. $7,350
d. $7,423.50
First, we need to calculate the cost per share:
24 1/2 = 49/2
So Serina paid $49/2 per share.
To find the total cost, we need to multiply the cost per share by the number of shares, and then add the commission. The commission is 1% of the total cost.
Total cost = (49/2 * 300) + (1/100 * 49/2 * 300)
Total cost = 7350
Therefore, the answer is c. $7,350.