Question

Cynthia’s broker charges her a commission of $88 for every $1000 of stock bought or sold. Cynthia bought 2,000 shares of Ombor Medical Supplies at $35.49 apiece. As the price rose and fell, she sold off part of her holdings. When the price rose to $48.57, she sold 600 shares. The price fell somewhat to $46.10, so she sold 1,150 of her shares. When the price climbed to $53.46, she sold off the remainder of her holdings. How much profit did Cynthia make in total?
a.
$9,889.82
b.
$24,542.00
c.
$16,312.06
d.
$74,799.58

Answer 1

Answer:

The answer I got was wrong, but I have a solution process, at least.

Step-by-step explanation:

600*48.57+1150*46.10+250*53.46-2000*35.49

=21942+53015+13365-70980

=17342

Now we need to subtract the commission that Cynthia is paying her broker. $88 per $1000 means Cynthia owes her broker 17*88=$1496. Now we subtract that from 17342 to get $15,846.