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25 Feb 2007, 13:01
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An acution house charges a commission of 15 percent on the first $50000 of the sale price, plus 10 percent on the amount of the sale price in excess of $50000. What was the sale price of a painting for which the auction house charged a total commission of $24000?[/list]
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25 Feb 2007, 14:48
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Not necessarily:
Total commission was $24,000
If the price of the painting was $215,000 we get $24,000 in commissions by:
15% of $50,000 = $7,500
10% of $165,000=$16,500
Total Price $215,000
Total Commission $24,000
[/quote]
