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You would like to buy shares of Sirius Satellite Radio (SIRI). The current ask and bid quotes are $4.62 and $4.59, respectively. You place a market buy order for 700 shares that executes at these quoted prices. How much money did it cost to buy these shares

Respuesta :

Answer:

$3,234

Explanation:

The calculation is as follows:

According to the data provided in the question

Current ask price = $4.62

Bid quotes = $4.59

Number of market buy order = 700 shares

As concerned with the above data, the cost to buy these shares equal to

= Number of market buy order × Current ask price

= 700 shares × $4.62

= $3,234

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