23You want to purchase shares of every IPO that comes to the market. The next two IPOs are each priced at $29.50 a share and will begin trading on the same day. Your broker allocates 890 shares of IPO A and 1,250 shares of IPO B to your account. At the end of the first day of trading, IPO A is selling for $35.00 a share and IPO B is selling for $25.20 a share. What is the absolute value of your combined net profit or loss on these two IPOs at the end of the first day of trading?