Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Certainly! Let's break down the problem step by step using the data given:
1. Determine Total Purchase Price:
- Joe wants to buy 50 shares of stock.
- The purchase price per share is \[tex]$15. - Total Purchase Price = Number of Shares × Price per Share = 50 shares × \$[/tex]15 = \[tex]$750. 2. Determine Commission Fee: - Joe's portfolio is less than \$[/tex]100,000, so he falls into the first fee schedule category.
- The commission rate for portfolios less than \[tex]$100,000 is 1%. - Commission = Commission Rate × Total Purchase Price = 1% × \$[/tex]750 = 0.01 × \[tex]$750 = \$[/tex]7.5.
3. Determine Fee per Trade:
- According to the fee schedule, the fee per trade for portfolios less than \[tex]$100,000 is \$[/tex]10.
4. Calculate Total Amount Charged by the Broker:
- The total amount charged by the broker includes the commission plus the fee per trade.
- Total Amount Charged by the Broker = Commission + Fee per Trade = \[tex]$7.5 + \$[/tex]10 = \[tex]$17.5. So, the completed answer is: - Joe will need to pay a commission of \$[/tex]7.5.
- The total amount charged by the broker will be \[tex]$17.5. Therefore, the entries in the drop-down menus should be: 1. \( \$[/tex]7.5 \) for the commission.
2. [tex]\( \$17.5 \)[/tex] for the total amount charged by the broker.
1. Determine Total Purchase Price:
- Joe wants to buy 50 shares of stock.
- The purchase price per share is \[tex]$15. - Total Purchase Price = Number of Shares × Price per Share = 50 shares × \$[/tex]15 = \[tex]$750. 2. Determine Commission Fee: - Joe's portfolio is less than \$[/tex]100,000, so he falls into the first fee schedule category.
- The commission rate for portfolios less than \[tex]$100,000 is 1%. - Commission = Commission Rate × Total Purchase Price = 1% × \$[/tex]750 = 0.01 × \[tex]$750 = \$[/tex]7.5.
3. Determine Fee per Trade:
- According to the fee schedule, the fee per trade for portfolios less than \[tex]$100,000 is \$[/tex]10.
4. Calculate Total Amount Charged by the Broker:
- The total amount charged by the broker includes the commission plus the fee per trade.
- Total Amount Charged by the Broker = Commission + Fee per Trade = \[tex]$7.5 + \$[/tex]10 = \[tex]$17.5. So, the completed answer is: - Joe will need to pay a commission of \$[/tex]7.5.
- The total amount charged by the broker will be \[tex]$17.5. Therefore, the entries in the drop-down menus should be: 1. \( \$[/tex]7.5 \) for the commission.
2. [tex]\( \$17.5 \)[/tex] for the total amount charged by the broker.
Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.