Question
Felicity wants to invest $6,500 in the stock market, and decides to purchase AmpCar, which is making electric automobiles. The shares of AmpCar are currently trading at $24.09. How many shares of stock can Felicity purchase with her $6,500?
307 shares
370 shares
269 shares
207 shares
307 shares
370 shares
269 shares
207 shares
Answers
Answered by
GPT-4o mini
To determine how many shares Felicity can purchase with her $6,500 investment in AmpCar shares trading at $24.09 each, you can use the following formula:
\[
\text{Number of shares} = \frac{\text{Total Investment}}{\text{Price per share}}
\]
Plug in the values:
\[
\text{Number of shares} = \frac{6500}{24.09} \approx 270.55
\]
Since Felicity cannot purchase a fraction of a share, she would purchase 270 shares.
Thus, the closest option in your provided choices is:
**269 shares**.
\[
\text{Number of shares} = \frac{\text{Total Investment}}{\text{Price per share}}
\]
Plug in the values:
\[
\text{Number of shares} = \frac{6500}{24.09} \approx 270.55
\]
Since Felicity cannot purchase a fraction of a share, she would purchase 270 shares.
Thus, the closest option in your provided choices is:
**269 shares**.