Question

Richard is paid a retainer of $1630 per month, and also receives a commission of 7% on his monthly sales. If he makes $40 000 worth of sales in a month, his income for the month is

Answer 1

Richard's income for month is $4,430.

Explanation:

We are given the following in the question:

Retainer received by Richard = $1630

Percentage of commission earned on monthly sales = 7%

Monthly sales = $40,000

Commission earned =

`=7\%* 40000\\\\=(7)/(100)* 40000\\\\=2800\$`

Income for month =

= Retainer received + Commission value

`=1630 + 2800\\=\$4430`

Thus, Richard's income for month is $4,430.