giovanni bought 30 shares of stock xyz at the close price of $6.31. he bought 30 more shares a year later at…

giovanni bought 30 shares of stock xyz at the close price of $6.31. he bought 30 more shares a year later at the price of $9.09. if his broker charges $16 for each transaction, how much money did giovanni spend in total to make these purchases?\n\na. $288.70\nb. $462.00\nc. $494.00\nd. $205.30

giovanni bought 30 shares of stock xyz at the close price of $6.31. he bought 30 more shares a year later at the price of $9.09. if his broker charges $16 for each transaction, how much money did giovanni spend in total to make these purchases?\n\na. $288.70\nb. $462.00\nc. $494.00\nd. $205.30

Answer

Explanation:

Step1: Calculate cost of first - purchase

Calculate the cost of the first 30 - share purchase without the broker fee. The cost of 30 shares at $6.31 per share is $30\times6.31 = 189.3$. Then add the broker - fee of $16$. So the total cost of the first purchase is $189.3 + 16=205.3$.

Step2: Calculate cost of second - purchase

Calculate the cost of the second 30 - share purchase without the broker fee. The cost of 30 shares at $9.09 per share is $30\times9.09 = 272.7$. Then add the broker - fee of $16$. So the total cost of the second purchase is $272.7+16 = 288.7$.

Step3: Calculate total cost

Add the total cost of the first purchase and the total cost of the second purchase. $205.3+288.7 = 494$.

Answer:

C. $494.00