Even Apple Is a Penny Stock With Fractional Shares
Even after a 4-for-1 stock split, Apple (NASDAQ: AAPL) is trading at over $120 per share in October. That's not an astronomical price tag, but it's high enough to be out of reach for many novice investors who want a piece of the iPhone maker. Fortunately, there is a work-around. It's called fractional investing, and you can use it to buy into Apple for less than $1.
Fractional investing is the practice of buying stock or fund shares in units of less than one. If you wanted to own Apple, for example, you could invest $15 for about 0.125 shares -- instead of handing over $120 for a whole single share.
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Source Fool.com
