Chapter 21, Problem 1ECP

To determine

The cost of purchasing 400 shares of General Mills.

Answer to Problem 1ECP

The cost of purchasing 400 shares is $\underset{\_}{\$22,320}$.

Explanation of Solution

It is given that the number of shares $=400$.

Cost per share $=\$55.80$

$\begin{array}{c}\text{Cost of purchasing 4}00\text{ shares at \$55}\text{.80}=400\times \$55.80\\ \text{Total cost = \$}22,320\end{array}$

Hence, the cost of buying 400 shares is $\underset{\_}{\$22,320}$.