Alicia placed an order with her broker to purchase 500 shares of each of three IPOs that are being released this month. Each IPO has an offer price of $16 a share. The number of shares allocated to Alicia along with the closing stock price at the end of the first day of trading for each stock, are as follows: Picture What is Alicia's total profit or loss on these three stocks as of the end of the first day of trading for each stock?
a) -$425
b) -$260
c) -$150
d) $375
e) $550
Please work out problem