AnswersFinancial MathAbsolute Value and Linear Inequalities in Financial Context — QuizQuestion 16
16
QuizMultiple Choice

Absolute Value and Linear Inequalities in Financial Context — Quiz

Question 16 • Financial Math

An investor owns a stock trading at $⁢6.78 per share. The investor’s broker charges $⁢2.99 per transaction. The investor wants to collect at least $⁢20,925 by selling a portion of the stock. If x is the number of shares, which inequality represents the number of shares the investor could sell to meet the goal? Round to the nearest tenth if necessary.

Answer
A
x is less than or equal to 3 comma 085 point 8
B
x is greater than or equal to 3 comma 085 point 8
C
x is greater than or equal to 3 comma 086 point 7
D
x is less than or equal to 3 comma 086 point 7

Explanation

The sale proceeds are $6.78x, and the $2.99 transaction fee is deducted, so the amount collected is 6.78x − 2.99. To collect at least $20,925, solve 6.78x − 2.99 ≥ 20,925, which gives x ≥ 20,927.99 ÷ 6.78 ≈ 3,086.7. Therefore, the investor must sell at least 3,086.7 shares, represented by choice B.

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