Question

catherine bought 355 shares of trochel office supplies at $31.29 per share. several months later, the price went up and she sold them at $49.88 per share. how much profit did catherine make? a. $28,815.35 b. $17,707.40 c. $6,599.45 d. $11,107.95

Explanation:

Step1: Find profit per share

Profit per share = Selling price - Buying price = $49.88 - $31.29 = $18.59

Step2: Calculate total profit

Total profit = Number of shares × Profit per share = 355 × $18.59
Calculate 355 × 18.59:
355 × 18 = 6390
355 × 0.59 = 355 × (0.6 - 0.01) = 213 - 3.55 = 209.45
Total = 6390 + 209.45 = 6599.45? Wait, no, wait: Wait, 49.88 - 31.29 is 18.59? Wait 49.88 - 31.29: 49.88 - 31 = 18.88, 18.88 - 0.29 = 18.59. Then 355 × 18.59. Let's do 355 × 18.59:
355 × 18.59 = 355 × (18 + 0.59) = 355×18 + 355×0.59
355×18: 300×18=5400, 55×18=990, total 5400+990=6390
355×0.59: 355×0.6=213, minus 355×0.01=3.55, so 213-3.55=209.45
Then 6390 + 209.45 = 6599.45? But wait, the options have c as $6,599.45, but wait, maybe I made a mistake. Wait, no, wait: Wait, 49.88 - 31.29 is 18.59? Wait 49.88 - 31.29: 49.88 - 31 = 18.88, 18.88 - 0.29 = 18.59. Then 355 × 18.59. Wait, but let's check with another method: 355 × 49.88 - 355 × 31.29.
355 × 49.88: 355 × 50 = 17750, minus 355 × 0.12 = 42.6, so 17750 - 42.6 = 17707.4
355 × 31.29: 355 × 30 = 10650, 355 × 1.29 = 355×1 + 355×0.29 = 355 + 102.95 = 457.95, so total 10650 + 457.95 = 11107.95
Then profit is 17707.4 - 11107.95 = 6599.45. So option c.

Answer:

c. $6,599.45