Question: The market opens at 9:30 AM, at which point 15,000 shares of ABC stock trade at $35.66 a share. You decide to trade to buy

The market opens at 9:30 AM, at which point 15,000 shares of ABC stock trade at $35.66 a share. You decide to trade to buy 1,800 shares of ABC at 10:50 AM. The best bid and ask prices at this time are $36.05 and $36.08, respectively. Another trader's order executes at 11:25 AM at a price of $36.20 for 850 shares. The best bid and ask prices at this time are $36.20 and $36.22, respectively. At 11:59 AM, 690 shares of your order gets executed at a price of $36.05. The best bid and ask prices at this time are $36.20 and $36.05, respectively. Another trader's order for 3,000 shares is executed at 2:16 PM at a price of $36.15. At 3:50 PM, another 795 shares of yours are executed at $36.03. The best bid and ask prices at this time are $35.99 and $36.03, respectively. Finally the market closes at 4 PM, when the best bid and ask prices are $35.91 and $35.94, respectively. Assume that there are no other transactions in ABC stock during the day. What is the transaction cost according to the TWAP benchmark? 41.62 51.62 31.62 21.62

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