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Jason Mathews purchased 300 shares of the Hodge & Mattox Energy Fund. Each share cost $15.15. Fifteen months later, he decided to sell his shares when the share value reached $18.10. a. What is the amount of his total initial investment? b. What was the total amount Jason received when he sold his shares in the Hodge & Mattox fund? c. How much profit did he make on his investment?

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Answer:

A.) $4,545 b) $5,430 c) $885

Explanation:

Given the following :

Number of shares purchased = 300

Cost per share = $15.15

Total initial investment :

Number of shares purchased * cost per share

300 * $15.15 = $4,545

B)

Total amount received when he sold his shares :

Amount at which shares was sold = $18.10 per share

Therefore,

Total amount received :

$18.10 * 300 = $5,430

C.)

Profit made on investment :

Amount received when shares was sold - total initial investment

$5,430 - $4,545

= $885

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