MATH HELP PLEASE Phil bought 700 shares of a company's stock for $9.29/share. He
pays a broker a commission of $18 to buy and sell stock. After one
year, he sold all his shares, which were worth $9.90/share at that time.
What was his rate of return?
•
6.0%
S
•
6.2%
•
6.5%
•
6.8%

the rate is 6.5 %

Step-by-step explanation:

As given

Phil bought 700 shares of a company’s stock for $9.29/share.

He pays a broker a commission of $18 to buy and sell stock.

After one year, he sold all his shares, which were worth $9.90/share at that time.

Cost price of the 700 shares of a company = 700 × Cost per share + Commission cost .

Cost price of the 700 shares of a company = 700 × 9.29 + 18

                                                                       = 6503 + 18

                                                                       = $ 6521

Selling st price of the 700 shares of a company = 700 × Cost per share + Commission cost .

Selling st price of the 700 shares of a company = 700 × 9.90 + 18

                                                                                 = 6930 + 18

                                                                                 = $ 6948

Rate of return = 6.5%

Therefore the rate of return is 6.5%