Question

Robert is selling his bulldozer at a heavy equipment auction. The auction company receives a commission of 5% of the selling price. If Robert owes $124,850 on the bulldozer, then what must the bulldozer sell for in order for him to be able to pay it off?

Answer 1

$131422

Explanation:

Given :

Amount owed = $124,850

Commison on sale = 5%

Let :

Sale price of bulldozer = x

Sale price = amount owed + 5% of sale price

x = 124850 + 0.05*x

x = 124850 + 0.05x

x - 0.05x = 124850

0.95x = 124850

x = 124850 / 0.95

x = 131421.05263

To the nearest dollar = $131422