Repeat Example 5 if 500 shares of stock were purchased for $17.64 per share and sold 270 days later for $22.36 per share.

Data from Example 5

An investor purchases 50 shares of a stock at $47.52 per share. After 200 days, the investor sells the stock for $52.19 per share. Using Table 1, find the annual rate of interest earned by this investment. Express the answer as a percentage, correct to three decimal places.

Transcribed Image Text:

Table 1 Commission Principal $0-$2,499 $2,500-$9,999 $10,000+ Schedule Commission $29+ 1.6% of principal $49+0.8% of principal $99 + 0.3% of principal