First, calculate the total cost of the stock before commission:
Total cost = Number of shares x Price per share
Total cost = 300 shares x $14.50/share
Total cost = $4350
Next, calculate the commission Missy had to pay:
Commission = 1% of total cost
Commission = 0.01 x $4350
Commission = $43.50
Finally, calculate the total purchase price of the stock including commission:
Total purchase price = Total cost + Commission
Total purchase price = $4350 + $43.50
Total purchase price = $4393.50
Therefore, the total purchase price of the stock including commission was $4393.50.
Missy bought 300 shares of GAM Corp. for 14 1/2 per share. What was the
total purchase price of the stock if she had to pay a 1% commission to
her stockbroker?
1 answer