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Bill Matthews is investing $8,800 in the Washington Mutual fund. The fund charges a 4.80 percent commission when shares are purchased. Calculate the amount of commission Bill must pay.
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Bill Matthews is investing $8,800 in the Washington Mutual fund. The fund charges a 4.80 percent commission when shares are purchased. Calculate the amount of commission Bill must pay.

User Angabriel
by
4.9k points

1 Answer

12 votes

Answer:

Commission= $422.4

Step-by-step explanation:

Giving the following information:

Initial investment= $8,800

Commission rate= 4.8% = 0.048

To calculate the commission paid, we need to use the following formula:

Commission= initial investment*commission rate

Commission= 8,800*0.048

Commission= $422.4

User Michael Eliot
by
5.4k points
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