8. You sold 1000 shares of Ibex for $10.50 per share. Your broker charges you a commission of $3.25 per thousand dollars of stock boug

Question

8. You sold 1000 shares of Ibex for $10.50 per share. Your broker charges you a
commission of $3.25 per thousand dollars of stock bought or sold. How much
money will be credited to your account when you sell? (Remember, commissions
are subtracted out of your transaction.)

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Delwyn 4 years 2021-08-25T02:34:16+00:00 1 Answers 8 views 0

Answers ( )

  1. Nick
    0
    2021-08-25T02:35:19+00:00
    Reply

    Answer:

    Amount credit in account = $10,465.875

    Step-by-step explanation:

    Given:

    Number of shares = 1,000

    Selling price of each share = $10.50

    Broker charges = $3.25 per 1,000 dollar

    Find:

    Amount credit in account

    Computation:

    Total sales value = Number of shares x Selling price of each share

    Total sales value = 1,000 x 10.50

    Total sales value = $10,500

    Total broker charges = 10,500 [3.25/1000]

    Total broker charges = $34.125

    Amount credit in account = Total sales value – Total broker charges

    Amount credit in account = 10,500 – 34.125

    Amount credit in account = $10,465.875

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