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7 December, 19:48

Ernesto Montenegro purchase a twelve 1000 Bonds having a quoted price of 100.75 he have to pay a 6% brokerage fee of the same price. What was the total cost of the bonds to the nearest cent

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  1. 7 December, 19:49
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    Answer: $106.8

    Step-by-step explanation:

    Given that the bond price is $100.75

    With a 6% brokerage fee

    Find the total cost to the nearest cent

    First, we calculate the 6% brokerage fee = 6/100 * 100.75

    = 0.06 x 100.75

    = 6.045

    Total cost therefore is the sum of brokerage fee and the cost of bond

    = $6.045 + $100.75

    = $106.795

    To the nearest cent = $106.8
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