#3. Amy Cheng purchased 1,000 convertible preferred shares of ABC Inc. five years ago at a market value of $15.75 per share and paid a commission of $393.75 when the common stock was trading at $3.20 per share. She recently took advantage of the conversion privilege and now holds 5,000 shares of ABC Inc. with a market value of $5.20 per share. Calculate the average cost per share for Amys holding of ABC Inc. common stock.

a. $3.15

b. $3.20

c. $3.23

d. $5.20