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For every life insurance scheme sold by an agent, he recieves $40 plus
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03 Apr 2023, 01:30
03 Apr 2023, 01:30
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Question Stats:
92% (00:52) correct
7% (01:34) wrong based on 13 sessions
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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
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$450
$ 800
$850
$940
$1300
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
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\(\Longrightarrow\) GRE - Quant Daily Topic-wise Challenge
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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
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