Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Related questions
Question
Transcribed Image Text:**Problem: Calculating Total Commission**
Myron Sherzer, an appliance salesperson, has the following commission structure:
- 8% commission on the first $2200 of sales.
- 12% commission on sales over $2200.
Given that Myron's total sales amount to $4350, calculate his total commission.
**Solution Approach:**
1. **Calculate Commission on the First $2200:**
- Apply 8% commission rate to the first $2200.
- Commission = $2200 x 0.08
2. **Calculate Commission on Sales Over $2200:**
- Determine the amount over $2200.
- Sales over $2200 = $4350 - $2200
- Apply 12% commission rate to this amount.
- Commission = (Sales over $2200) x 0.12
3. **Calculate Total Commission:**
- Total commission = Commission on first $2200 + Commission on sales over $2200.
**Final Solution:**
Perform the calculations to find out Myron Sherzer's total commission based on his sales performance and the given commission rates.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- D: How much gross margin did the company earn in December? (Round percentage answer to 2 decimal places, e.g. 52.75%.) Gross margin $enter percentages rounded to 2 decimal places Gross margin percentage enter percentages rounded to 2 decimal places % If Michelle had a goal of earning a 35% gross margin, did she reach her goal?select an option , she select an option reach her goal, because enter percentages rounded to 2 decimal places % is select an option than her goal of 35%.arrow_forwardK A store manager paid $180 for an item and set the selling price at $252.00. What was the percent markup? OA. 38% B. 28% 39% 40% O C. D.arrow_forwardMarathon sportsarrow_forward
- A wholesaler sells a guitar for $1,427.40. What is the percent markup based on cost if the wholesaler paid $780 for the guitar? % Need Help? Read It Watch It Master Itarrow_forward29. A salesman gets P10,000 commission on a sale of a certain item. This amount raised his average commission by P1,100. If his new average commission is P4,500, what is his total commission? DES 8 Indo A. P31000 C. P25000 P27000 ar 68 8 jaal zit ni soyoni al 25m B. P29000 D. paibuloni (2x AVOYarrow_forwardThe amount of markup on a store item is $11. Find the cost to the store if the markup is 20%.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Essentials Of InvestmentsFinanceISBN:9781260013924Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.Publisher:Mcgraw-hill Education,
Foundations Of FinanceFinanceISBN:9780134897264Author:KEOWN, Arthur J., Martin, John D., PETTY, J. WilliamPublisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...FinanceISBN:9781337395250Author:Eugene F. Brigham, Joel F. HoustonPublisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...FinanceISBN:9780077861759Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan ProfessorPublisher:McGraw-Hill Education
Essentials Of Investments
Finance
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:9780134897264
Author:KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:Pearson,
Fundamentals of Financial Management (MindTap Cou...
Finance
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i...
Finance
ISBN:9780077861759
Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:McGraw-Hill Education