Trader ABC is considering a purchase of Blue Cap Reserve $($BCR$),$ which closed at $$9\mathrm{.}50$ on Tuesday,

March $12.$ The next day Trader ABC places a day order to buy $1,000$ shares at $$9\mathrm{.}47,$ which expired

unfilled. Trader ABC notes the closing price for Wednesday is $$10\mathrm{.}10.$

On Thursday, Trader ABC places a new buy order for $1,000$ shares at $$10\mathrm{.}15,$ good for the day. His

order is partially filled for $800$ shares at $$10\mathrm{.}15.$ Trader ABC pays a flat commission of $$20$ and the

shares of BCR close at $$10\mathrm{.}18.$ No further attempts to buy the shares were made.

Assume the benchmark price is the Tuesday closing price of $$9\mathrm{.}50.$

a$)$ Calculate the return for the $$paper based$$ portfolio. $2$ marks.

b$)$ Calculate the return for the $$real$$ portfolio. $2$ marks.

c$)$ Calculate the implementation shortfall as a fraction of the paper portfolio. $2$ marks

d$)$ Calculate the following: $4$ marks.

a$.$ Commission as a percent

b$.$ Realised Profit or Loss

c$.$ Delay Cost

d$.$ Missed Trade opportunity cost.