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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Brian Hickman bought 2,000 shares of stock at $62 per share. Six months later he sold the 2,000 shares at $87 per share. If the total stockbroker’s commission was $740, how much profit did he make on this transaction?

To determine

To calculate: The profit Brian Hickman will make, if he bought 2,000 shares of stock at $62 per share and six months later, he sold the 2000 shares at $87 per share and the commission of the stockbroker was $740.

Explanation

Given Information:

Brian Hickman bought 2,000 shares of stock at $62 per share.

Brian Hickman sold the 2000 shares at $87 per share.

Commission of the stockbroker was $740.

Formula used:

Steps for multiplying whole numbers:

Step 1: Write down the factors such that the place values line up in columns.

Step 2: Multiply every digit of the multiplier with the multiplicand, starting with the units. Each multiplication gives a partial product whose unit digit appears under the same column that is the corresponding digit of the multiplier.

Step 3: Now in each column, add the digits of the partial products, starting with the unit’s column on the right.

Steps for subtracting whole number,

Step 1: Line up the place values by writing the whole numbers in column- units, tens, hundreds, thousands, and so on.

Step 2: Starting from the right with the units column, subtract the digits in each column.

Step 3: A digit must be borrowed from the column to the left of the working column, if the column cannot be subtracted.

Calculation:

Consider the provided data,

Brian Hickman bought 2,000 shares of stock at $62 per share.

Brian Hickman sold the 2,000 shares at $87 per share.

Total value of shares purchased will be,

    2000×      62             ¯

Multiply the multiplier ‘2’ with the multiplicand.

    2000×      62    4000¯

Multiply the multiplier ‘6’ with the multiplicand. And add the partial products

    2000×      62    400012000124000 ¯ ¯

Therefore, total value of shares purchased is $124,000.

Now, total value of shares sold will be

    2000×      87             ¯

Multiply the multiplier ‘7’ with the multiplicand:

    2000×      87  14000 ¯

Multiply the multiplier ‘8’ with the multiplicand. And add the partial products

    2000×      87  1400016000174000¯ ¯

Therefore, total value of shares sold is $174,000

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