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Four partners invested $1,600 each to purchase 1,000 shares of a certa

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Four partners invested $1,600 each to purchase 1,000 shares of a certa  [#permalink]

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New post 08 Jan 2019, 01:06
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Four partners invested $1,600 each to purchase 1,000 shares of a certain stock. If the total cost of the stock is $8,000 plus a 2 percent commission, each partner should additionally invest what equal amount to cover the purchase of the stock?

A. $100
B. $110
C. $220
D. $440
E. $880

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Re: Four partners invested $1,600 each to purchase 1,000 shares of a certa  [#permalink]

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New post 08 Jan 2019, 01:12
Four partners invested 1600*4 = 6400$
Total cost of stocks+commission = 8000+160 = 8160$
difference = 8160-6400 = 1760
Each should invest = 1760/4 = 440$ more

D is the answer.
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Re: Four partners invested $1,600 each to purchase 1,000 shares of a certa  [#permalink]

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New post 08 Jan 2019, 02:20
Bunuel wrote:
Four partners invested $1,600 each to purchase 1,000 shares of a certain stock. If the total cost of the stock is $8,000 plus a 2 percent commission, each partner should additionally invest what equal amount to cover the purchase of the stock?

A. $100
B. $110
C. $220
D. $440
E. $880



total amount invested 1600*4 = 6400
price of shares 8000*1.02 = 8160
difference in price = 8160-6400 = 1760
additional required 1760/4 = 440 IMO D
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Re: Four partners invested $1,600 each to purchase 1,000 shares of a certa   [#permalink] 08 Jan 2019, 02:20
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