Rachel bought 1,500 shares of Cawh Consolidated Bank at a price of $24.85 each. As the price climbed, she sold off parts of her holdings. She sold off 250 shares at $28.32 apiece, she sold 800 of her shares at $33.60 apiece, and she sold off the remainder of her shares at $39.94 apiece. If Rachel’s broker charges a commission of $65 per $1,000 of stock bought or sold, how much profit did Rachel make, to the nearest dollar? a. $20,459 b. $51,933 c. $14,661 d. $8,859

Question

27-04-2017
Mathematics

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Rachel bought 1,500 shares of Cawh Consolidated Bank at a price of $24.85 each. As the price climbed, she sold off parts of her holdings. She sold off 250 shares at $28.32 apiece, she sold 800 of her shares at $33.60 apiece, and she sold off the remainder of her shares at $39.94 apiece. If Rachel’s broker charges a commission of $65 per $1,000 of stock bought or sold, how much profit did Rachel make, to the nearest dollar? a. $20,459 b. $51,933 c. $14,661 d. $8,859

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mickymike92 mickymike92 · Answer 1 · 2022-01-26T16:29:11+01:00

Based on calculations of profit from the information provided, Rachel's profit from selling her shares is $8859.

How can profit be calculated?

Profit is calculated using the formula:

Profit = Selling price - Cost price

Calculating cost of share and commission:

Cost of 1500 shares at $24.85 each = 1500 * $24.85

Cost of shares = $37275

Commission = $37275 * $65/$1000

Commission = $2422.875

Calculating amount obtained from selling shares as well as commission

Amount obtained from selling her shares:

250 shares at $28.32 apiece = $7080

800 of her shares at $33.60 apiece = $26880

450 shares at $39.94 apiece = $17973

Total amount = $51933

Commission = $51933 * $65/$1000

Commission = $3375.645

Calculating profit

The profit Rachel made is calculated using the formula:

Profit = Total amount obtained- total amount spent

Total commission = $5798.52

Total amount spent = $43073.52

Profit = $51933 - $43073.52

Profit = $ 8859.48

Profit = $8859 to the nearest dollar.

Therefore, Rachel's profit from selling her shares is $8859.

Learn more about about profit at: https://brainly.com/question/1078746

andrewkekuador andrewkekuador · Answer 2 · 2022-05-11T02:56:38+02:00

andrewkekuador andrewkekuador

11-05-2022

Answer:

$8,859

Step-by-step explanation:

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