Rowyn Placed an Order with Her Broker to Purchase 300

Rowyn placed an order with her broker to purchase 300 shares of each of three IPOs that are being released this month.Each IPO has an offer price of $16 a share.She received allocations of 300 shares of A,240 shares of B,and 50 shares of C.On their respective first days of trading,Stock A closed at $15 a share,Stock B closed at $16 a share,and Stock C closed at $22 a share.What is her combined total first-day profit or loss on these three IPOs?

A) −$120
B) $0
C) −$30
D) $70
E) $300

Correct Answer:

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