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.
