Question

Kelly manages an apartment building with 59 apartments. the monthly rent for an apartment in the building is $719, of which kelly gets 10.3%. how much does kelly earn in a year?

Answer 1

To calculate Kelly's annual earnings from apartment management, first find the total monthly rent, then calculate her 10.3% commission, and multiply by 12 to get the annual figure. Kelly earns $52,432.32 annually.

Step-by-step explanation:

The question involves calculating Kelly's earnings from managing an apartment building with 59 apartments. To solve the mathematical problem completely, we need to understand how percentages work and apply them in the context of annual income. Here is how we can calculate Kelly's earnings:

1. First, determine the total monthly rent collected from all the apartments: 59 apartments × $719 per apartment = $42,421.
2. Next, calculate Kelly's commission by finding 10.3% of the total monthly rent: $42,421 × 10.3% = $4,369.36.
3. Finally, to find Kelly's annual earnings, multiply her monthly earnings by 12 (months in a year): $4,369.36 × 12 = $52,432.32.

Therefore, Kelly earns $52,432.32 in a year from managing the apartment building. Understanding the basics of calculating percentage-based earnings can help in various financial planning and budgeting scenarios.