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Problem 12 – Investments
The Richardsons purchased 400 shares of GM common stock on June 1 for $33 per share. There are 1,680,000 shares of common stock outstanding and 500,000 shares of $5 preferred stock outstanding. GM reported an annual earning os $7.6 million on November 7. The Richardsons sold their stock on December 1 for $40 per share. They paid a commission rate of 1 % percent on the purchase and on the sale. What was the rate of return?