SAT Math Multiple Choice Question 684: Answer and Explanation

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Question: 684

9. An online trading company charges a 3% commission for all stock purchases. If a trader purchases 200 shares of a stock through this company and is charged $3,399 including commission, what is the cost per share for this stock?

  • A. $16.45
  • B. $16.48
  • C. $16.50
  • D. $16.52

Correct Answer: C

Explanation:

C

Problem Solving (percentages) MEDIUM-HARD

Let p = the price per share of the stock. The cost of 200 of these shares (before commission) is therefore 200p. With a 3% commission, the cost becomes (1.03)(200p)

(1.03)(200p) = $3,399

Divide by 1.03:

200p = $3,300

Divide by 200:

p = $16.50 per share

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