Determining Profit or Loss from an Investment. Two years ago, you purchased 220 shares of IBM stock for $124 a share. Today, you sold your IBM stock for $142 a share. For this problem, ignore commissions that would be charged to buy and sell your IBM shares and dividends you might have received as a shareholder.

a. What is the amount of profit you earned on each share of IBM stock?

b. What is the total amount of profit for your IBM investment?