GRE Prep Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
For every life insurance scheme sold by an agent, he recieves $40 plus
[#permalink]
03 Apr 2023, 01:30
03 Apr 2023, 01:30
Expert Reply
00:00
Question Stats:
92% (00:52) correct
7% (01:34) wrong based on 13 sessions
Hide Show timer Statistics
For every life insurance scheme sold by an agent, he recieves $40 plus 20% of the selling price of the scheme. During a particular week, the agent sold 10 schemes such that the total selling price was $4500. What was the agent’s commission for that week? (in dollars)
$450
$ 800
$850
$940
$1300
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
Question From Our Project: Free GRE Prep Club Tests in Exchange for 20 Kudos
\(\Longrightarrow\) GRE - Quant Daily Topic-wise Challenge
\(\Longrightarrow\) GRE PERCENT
$450
$ 800
$850
$940
$1300
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
Question From Our Project: Free GRE Prep Club Tests in Exchange for 20 Kudos
\(\Longrightarrow\) GRE - Quant Daily Topic-wise Challenge
\(\Longrightarrow\) GRE PERCENT
GRE Prep Club Team Member
Joined: 20 Feb 2017
Posts: 2508
Given Kudos: 1053
GPA: 3.39
Re: For every life insurance scheme sold by an agent, he recieves $40 plus
[#permalink]
13 Apr 2023, 16:51
13 Apr 2023, 16:51
1
Expert Reply
The agent receives $40 plus 20% of the selling price of each life insurance scheme sold. Let's denote the selling price of each scheme as "x" dollars.
Given that the total selling price of 10 schemes is $4500, we can set up the equation:
10x = 4500
Solving for x, we get:
x = 4500 / 10
x = 450
So, the selling price of each life insurance scheme is $450.
Now, the agent's commission for selling one scheme is $40 plus 20% of the selling price, which is:
$40 + 0.20 * $450
$40 + $90
$130
Since the agent sold 10 schemes, his total commission for the week would be:
10 * $130
$1300
Therefore, the correct answer is $1300.
Given that the total selling price of 10 schemes is $4500, we can set up the equation:
10x = 4500
Solving for x, we get:
x = 4500 / 10
x = 450
So, the selling price of each life insurance scheme is $450.
Now, the agent's commission for selling one scheme is $40 plus 20% of the selling price, which is:
$40 + 0.20 * $450
$40 + $90
$130
Since the agent sold 10 schemes, his total commission for the week would be:
10 * $130
$1300
Therefore, the correct answer is $1300.
gmatclubot
Re: For every life insurance scheme sold by an agent, he recieves $40 plus [#permalink]
13 Apr 2023, 16:51
Moderators:
