Problem 5-3

The following order book exists for a particular stock. The last trade on the stock was at $74.15.

Buy Orders				Sell Orders
Shares		Price		Shares		Price
250		$74.14		250	$	74.17
500		74.13		600		74.18
900		74.12		1,000		74.20
75		74.10		900		74.21
				150		74.22

a.	If you place a market buy order for 200 shares, at what price will it be filled? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Share price

$

b.	If you place a market sell order for 200 shares, at what price will it be filled? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Share price

$

c.

Suppose you place a market order to buy 600 shares. At what price will it be filled? Choose the appropriate answer.

	600 shares at $74.15
	600 shares at $74.22
	250 shares at $74.22 and 350 shares at $74.21
	250 shares at $74.17 and 350 shares at $74.18