kendra sold the 520 shares of royal caribbean for $89.99 per share, and her broker charged her 1.25%…

kendra sold the 520 shares of royal caribbean for $89.99 per share, and her broker charged her 1.25% commission. how much money did the broker receive? round to the nearest dollar. $558 $592 $529 $585

kendra sold the 520 shares of royal caribbean for $89.99 per share, and her broker charged her 1.25% commission. how much money did the broker receive? round to the nearest dollar. $558 $592 $529 $585

Answer

Explanation:

Step1: Calculate total selling - price

First, find the total selling - price of the shares. The number of shares is 520 and the price per share is $89.99. So the total selling - price $S$ is $S = 520\times89.99=520\times(90 - 0.01)=520\times90-520\times0.01 = 46800-5.2=46794.8$.

Step2: Calculate broker's commission

The broker's commission rate is $1.25%=\frac{1.25}{100}=0.0125$. The broker's commission $C$ is $C = 0.0125\times46794.8$. $C=0.0125\times46794.8=\frac{1}{80}\times46794.8 = 584.935\approx585$.

Answer:

$585$