Question:
On a given day a bond broker maintains a bid of $1,010.50 for a bond and an ask price of $1,014.50. The broker made 27 trades that totaled 1,350 bonds traded that day.
Required:
What was the broker's gross trading profit for this security?
- $5,400.00
- $2,916.00
- $1,350.00
- $6,750.00
Note: Please show how you came up with the solution.