An investor wishes to purchase 5,000 shares in Computech Ltd by placing a market order. The order book for these shares is provided below:

Bid		Ask
Price	Volume	Price	Volume
$55.23	2000	$55.24	1500
$55.22	1650	$55.25	850
$55.21	1100	$55.27	1000
$55.20	745	$55.29	950
$55.16	1050	$55.32	1600
$55.12	520	$55.35	450
$55.10	310	$55.38	150

Assume that the brokers commission is a flat fee of $20 per trade for all investors. Which aspect of transaction costs will be the largest for this investor as a percentage of the value of the investment?

Select one:

a. All of the options are of the same value.

b. Broker's commission

c. Bid-ask spread

d. Limit order fee

e. Market impact