Use the commission schedule from Company A shown in the table to find the annual...
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Accounting
Use the commission schedule from Company A shown in the table to find the annual rate of interest earned on the investment. (Note: commissions are rounded to the nearest cent.)
Principal (Value of Stock) Commission:
-Under $3,000 $25+1.8% of principal
-$3,000 to $10,000 $37+1.4% of principal
-Over $10,000 $107+.7% of principal
An investor purchases 348 shares at $12.18 a share, holds the stock for 47 weeks, and then sells the stock for $21.55 a share. What is the annual rate %?
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