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# How much commission did an agent receive on the sale of a

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Manager
Joined: 16 May 2004
Posts: 118
Location: Thailand
Followers: 2

Kudos [?]: 5 [0], given: 0

How much commission did an agent receive on the sale of a [#permalink]  22 May 2004, 06:23
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How much commission did an agent receive on the sale of a 3-year policy insuring a school building against fire?

(1) The school building had a market value of $90,000 and the agent's commission was 18 percent of each yearly premium. (2) The rate charged for the policy was$0.38 for each $100 of fire insurance coverage. _________________ Exceed your goals and then Proceed to Succeed!! Manager Joined: 10 Mar 2004 Posts: 64 Location: Dallas,TX Followers: 1 Kudos [?]: 0 [0], given: 0 [#permalink] 22 May 2004, 07:20 combined i guess so (c) Not sure though. SVP Joined: 30 Oct 2003 Posts: 1797 Location: NewJersey USA Followers: 5 Kudos [?]: 41 [0], given: 0 [#permalink] 25 May 2004, 09:52 These are wierd questions. If the building is insured for what it is worth now then C is sufficient. If How much it is insured is not known then the answer is E. Because it is possible that the policy may just cover$50000 worth of damage. I am sure GMAT will never have such questions.
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