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Satish purchased 100 shares of MV Rupees...

Satish purchased 100 shares of MV Rupees 160. He paid brokerage at the rate of 0.3%. Find the amount he paidfor the purchase of shares.

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The correct Answer is:
Satish paid Rupees 16.048 for the purchase of shares.
The brokerage =MV `xx` rate of brokerage
`=Rupees 160 xx(0.3)/( 100) = Rupees 160 xx ( 3)/(1000) = Rupees 0.48`
`:.` purchase price per share `=` MV +brokerage
`= Rupees 160 + Rupees 0.48 = Rupees 160.48 `
`:. ` purchase price for100 shares `= Rupees 160.48 xx 100`
`= Rupees 16048`
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