5:

• Proficient-level: "At your brokerage firm, it costs $9.50 per stock trade. How much money do you need to buy 300 shares of Time Warner, Inc. (TWX), which trades at $22.62?" (Cornett, Adair, & Nofsinger, 2016).
• Distinguished-level: Based on the amount of commission paid, state whether a traditional full-service broker or a discount broker is being used.

Is this correct? (22.62/share x 300 shares) + 9.50 = $6,795.50

A discount broker is being used based on the amount of commission paid