Assume that you use a TD Ameritrade brokerage account and place your stock trades through the Interactive Voice Response $($IVR$)$ Phone system, which charges a $$5\mathrm{.}00$ commission per stock trade. You would like to sell $1,200$ shares of Microsoft Corporation, which is listed on the Nasdaq stock exchange, so you check the real$-$time quotes through TD Ameritrade and see a Did Price of $$180\mathrm{.}88,$ and an Ask Price of $$180\mathrm{.}90$

What is the current Bid$/$Ask spread for Microsoft?

If you place the sell order and TD Ameritrade routes the order to Microsoft$$s listing exchange, what are your likely total transaction costs? $($Hint: Nasdaq is a dealer market$)$

What are your total transaction costs if the Nasdaq dealer who receives your order decides to act as a broker and allows a public order to buy $1,200$ shares of Microsoft to satisfy your order?

Regardless of how your trade is executed, based on the Bid$/$Ask spread what is the market value of your trade?