2. Steve placed an order with his broker to purchase 500 shares of each of three IPOs that are being released this month. Each IPO has an offer price of $20 a share. The number of shares allocated to Steve, along with the closing stock price at the end of the first day of trading for each stock, are as follows: (Hint: Return = (Value of stocks at end of first trading day cost of purchasing the stocks) / Cost of purchasing the stocks.)

Stock Shares Allocated Closing Market Price, Day 1

A 500 $18.80

B 100 $26.40

C 300 $19.70

What is Steve's total return on these three stocks as of the end of the first day of trading?