ABC stock has a bid price of $40.95 and an ask price of $41.05. Assume there is a $20 brokerage commission. Suppose that you buy 100 shares, then immediately sell the 100 shares with the bid and ask prices being as above. What is your round-trip transaction cost?
(a) About $12.50 gain
(b) About $50.00 gain
(c) About $50.00 loss
(d) About $12.50 loss
(e) None of the above