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A cattle rancher is going to sell one of his prize bulls at an auction and would like to make $46,500 after paying a 7% commission to the auctioneer. For what selling price will the rancher make this amount
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A cattle rancher is going to sell one of his prize bulls at an auction and would like to make $46,500 after paying a 7% commission to the auctioneer. For what selling price will the rancher make this amount of money

User MrClan
by
4.9k points

1 Answer

3 votes

Answer:

Selling price= $50,000

Step-by-step explanation:

Giving the following information:

Desired profit= $46,500

Commission rate= 7%

To calculate the selling price, we need to use the following formula:

Selling price= desired profit / (1 - commission rate)

Selling price= 46,500 / 0.93

Selling price= $50,000

User Sabik
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4.9k points
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