Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - Chapter 8 Test - Page 573: 18

Answer

\[\$386.25\]

Work Step by Step

The price of a share is computed by multiplying the total number of shares to the closing price of the share. Compute the price of a share as mentioned below- \[\begin{align} & \text{Price of share}=\text{Number of shares}\times \text{Closing price} \\ & =600\times \$25.75\\&=\$15,450\end{align}\] The price of shares is further used to compute the broker’s commission by multiplying the Price of share to the commission percent. \[\begin{align} & \text{Broker }\!\!'\!\!\text{ s commission}=\text{Price of shares}\times \text{commission percent} \\ & =\$15,450\times0.025\\&=\$386.25\end{align}\]
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