Charles sold his 350 shares of stock for $11.25 a share. when his broker issued him the check for his sale of the stock the amount of the check was $3868.59. how much was the rate of commission that his broker charged him for the transaction

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Jose Villa

Mathematics

9 June, 04:08

Charles sold his 350 shares of stock for $11.25 a share. when his broker issued him the check for his sale of the stock the amount of the check was $3868.59. how much was the rate of commission that his broker charged him for the transaction

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Jimmy Schwartz · Answer 1

Charles made $3937.5 (calculate 350*$11.25=$3937.5).

If his broker passed a check with the amount of $3868.59, we can divide this by what was actually made on the sale. The result will be the percentage that Charles got from the sale. $3868.59:$3937.5≈0.98

Charles got approximately 98,2% of what was sold. This means that his broker got as commission approximately 1,8%.