13. Bob Orleans invested $3,000 and borrowed $3,000 to purchase shares in Verizon Communications. At the time of his investment, Verizon was selling for $47 a share. (LO12.5)

a. If Bob paid a commission of $30, how many shares could he buy if he used only his own money and did not use margin?

b. If Bob paid a commission of $60, how many shares could he buy if he used his $3,000 and borrowed

$3,000 on margin to buy Verizon stock?

c. Assume Bob did use margin and paid a total commission of $60 to buy his Verizon stock. Also, assume he paid another $60 to sell his stock and sold the stock for $54 a share. How much profit did he make on his Verizon stock investment?