Question

Lisa is a broker who charges 1.5% per stock transaction fee. A competing online broker charges $24 per trade. If someone is planning to purchase stock, at what total purchase price would Lisa's commission equal the online broker fee?

Answer 1

Explanation:

For equating the transaction fees of Lisa and the broker:

1.5 % of Total stock purchase price = $24

`(1.5)/(100) * x = 24`

∴Total Stock purchase price = $1600