KLP common stock has been trading at or near to $25 per share all day. Your client would like to buy 500 shares of KLP at 25, but he is willing to accept fewer shares at that price. Which of the following orders fulfills his intentions?
A) Market order to buy 500 shares of KLP.
B) Limit order to buy 500 shares of KLP at 25 AON (all-or-none).
C) Limit order to buy 500 shares of KLP at 25 FOK (fill-or-kill).
D) Limit order to buy 500 shares of KLP at 25 IOC (immediate-or-cancel).
Answer: D) Limit order to buy 500 shares of KLP at 25 IOC (immediate-or-cancel).