Answer:
$5.91
Explanation:
Data provided in the question:
Number of shares sold = 300
Selling price = $30.19
Commission charge = 0.5% = 0.005
Purchasing price = $29.87
Now,
Total selling price = 300 × $30.19
= $9057
Proceeds from selling =Total selling price - Commission
= $9057 - [0.005 × $9057 ]
= $9,011.715
Now
Purchasing price of the shares = 300 × $29.87 = $8,961
Total amount paid for purchasing
= Purchasing price of the shares + Commission
= $8,961 + [0.005 × $8,961 ]
= $8,961 + $44.805
= $9,005.805
Hence,
Profit = Proceeds from selling - Total amount paid for purchasing
= $9,011.715 - $9,005.805
= $5.91
The profit that you would make if you close the sale at this price is $5.9
The number of shares of the stock that was short sold = 300
charge of commission = 0.5%
The selling price = $30.19
The closing price = $29.87
The amount made = 300 x 30.19
= $9057
Gains made from the sale
= 9057 - [0.5% x 9057]
= 9057 - 45.285
= 9011.7
The closing price x number of shares
= 29.87 x 300
= 8961 dollars
Similarly,
8961 + [0.005 x 8961]
= 8961 + 44.805
= 9005.8
The difference = 9011.7 - 9005.8
= $5.9
In conclusion the amount of profit made is $5.9
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