After selling his property Mr. Jones wants to net $55,000 after paying a 7% commission. What does he need to receive for a sale price?
If he sells his property for $59,139.78 and pays 7% commission, this will allow him to retain a net of $55,000
Here's how i figured it out:
x = sale price
(sale price) - (sale price * 7%) = net price of $55,000
(x) - (0.07x) = 55,000
x(1 - 0.07) = 55,000
x = (55,000)/(1 - 0.07) = (55,000)/(0.93) = 59,139.78
x = $59,139.78
\(\frac { 93 }{ 100 } \cdot n=55,000\\ \\ 93n=5,500,000\\ \\ n=\frac { 5,500,000 }{ 93 } \\ \\ n=59139.78495\\ \\\)
Therefore, your answer is:
$59,139.78