Final answer:
To calculate the final sales price of a property with a 5.5% commission rate that resulted in a $11,000 commission for the broker, we set up the equation 0.055 × Sales Price = $11,000. After solving, we find that the final sales price of the property is $200,000. The correct option is D.
Step-by-step explanation:
The question is asking us to calculate the final sales price of a property if the broker's commission was 5.5% and the broker received $11,000. To find this, we can set up the equation where the commission rate (expressed as a decimal) multiplied by the sales price equals the commission amount:
Commission Rate as Decimal × Sales Price = Commission Amount
First, we convert the commission rate from a percentage to a decimal by dividing by 100:
5.5% ÷ 100 = 0.055
Then, we plug in the commission amount and the decimal rate to solve for the sales price:
0.055 × Sales Price = $11,000
To find the sales price, we divide the commission amount by the commission rate:
Sales Price = $11,000 ÷ 0.055
Sales Price = $200,000
Therefore, the final sales price of the property is $200,000, which corresponds to option D.