Juan wants to be involved in business. He has plenty of capital to invest, but he does not want to be involved in management. He
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Answer: The sale price to the nearest dollar was $61,202
We arrive at the answer as follows:
The term 'netted' refers to the seller's profits after deducting costs and commissions.
Hence we need to add back these amounts to arrive at the sale price.
Net Proceeds $55,000
<u>Add: Costs $1,000 </u>
Total $56,000
The commission is 8.5%; however commissions are quoted as a percentage of sales price.
Expressed in other words, if the sale price was 100, commissions were 8.5. That would mean that the total above would be the equivalent of
From this we can arrive at the sale price as follows: