What is the rate of return when 15 shares of StockA, purchased for $30/share, are sold for $500? Thecommission on the sale is $6.BURate of Return = [?] %Give your answer as a percent rounded to thenearest tenth.
[tex]\begin{gathered} \text{Stock A were bought at}\colon \\ \$30\times15=450 \\ \text{The price difference when sold at \$500 with a commission from sale is:} \\ \$500-\$450-\$6=\$44 \\ \text{Divide the net profit by the original cost of purchase} \\ \frac{\$44}{\$450}=0.09777778 \\ \text{Convert to percent and we have} \\ 0.09777778\times100\%=9.777778\% \\ \text{rounded off to the nearest tenth} \\ 9.8\% \end{gathered}[/tex]
