Multiple Choice
Two IPOs will commence trading next week.Scott places an order to buy 300 shares of IPO A.Steve places an order to purchase 300 shares of IPO A and 300 shares of IPO B.Both IPOs are priced at $20 a share.Scott is allocated 100 shares of IPO A.Steve is allocated 100 shares of IPO A and 300 shares of IPO B.At the end of the first day of trading,IPO A is selling for $22.70 a share and IPO B is selling for $18.60 a share.What is the difference in the total profits or losses that Scott and Steve have as of the end of the first day of trading?
A) $120
B) $240
C) $360
D) $420
E) $580
Correct Answer:
Verified
Correct Answer:
Verified
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