On March 15, Jacqueline Placed a Limit Order, GTC, to Buy

question 116

Multiple Choice

On March 15, Jacqueline placed a limit order, GTC, to buy 200 shares of CAKE at $40 a share. CAKE sold between $40.50 and $44.00 on that day. Over the following two months the stock price continued to rise and Jacqueline forgot about the order. After the markets closed on June 30, some bad news concerning CAKE was released. The stock opened on July 1 at a price of $32.00 a share. Which one of the following statements is correct concerning Marcos' order?

• A) The order was cancelled on May 15 because it had not been executed within the allowable two-month time period.
• B) The order was executed on March 15 at $40.50 a share since that was the best available price of the day.
• C) The order was executed on July 1 at a price of $40.00 a share.
• D) The order was executed on July 1 at a price of $32.00 a share.

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