23
QuizMultiple Choice

Absolute Value and Linear Inequalities in Financial Context — Quiz

Question 23 • Financial Math

An investor owns 400 shares of a stock. The investor’s broker charges $⁢9.09 per transaction. The investor wants to collect at least $⁢8,086 upon selling all of the shares. If x is the price per share, which inequality represents the price per share at which the investor should sell to meet the goal? Round to the nearest hundredth if necessary.

Answer
A
x is greater than or equal to 20 point 2 4
B
x is greater than or equal to 20 point 1 9
C
x is less than or equal to 20 point 1 9
D
x is less than or equal to 20 point 2 4

Explanation

The investor receives 400x dollars from selling the shares, then pays the $9.09 transaction fee. To collect at least $8,086, write 400x − 9.09 ≥ 8,086, so x ≥ 8,095.09 ÷ 400 = 20.237725. Rounded to the nearest hundredth, the share price must be at least $20.24, which is choice C.

AI-written and checked against the verified answer.

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