Question

Darius is a broker who earns a $68,000 annual salary, a 3.15% commission on his client's investment, and a fee of $4.25 for each online transaction. If darius's client had a total of $3.6 million in investment and made 1,375online transaction this year, what are darius's earnings rounded to the nearest dollar

Answer 1

187,244 dollars

Explanation:

In order to solve this problem we would need to make an equation that applies the 3.15% interest to the 3.6million investment, multiplies $4.25 by the 1,375 total transactions, and then adds all of the earnings together to calculate his total earnings for the year. To do so we first need to turn the percentage into a decimal format, we do this by dividing the percentage by 100.

3.15% / 100 = 0.0315

68,000 + (3,600,000 * 0.0315) + (4.25 * 1,375) = x

68,000 + 113,400 + 5,843.75 = x

187,243.75 = x

Finally, we can see that Darius made a total of 187,244 dollars (rounded up)