An insurance agent receives a salary of GHC550.00 and 2% commission on all sales over GHC8500.00. If his total income in a particular month was GHC1225.00, what was the amount of his sales for that month
income = .02(sales over 8500) + 550
1225 = .02(s - 8500) + 550
675 = .02s - 170
.02s = 845
s = 42250 <----- total sales
check:
amount of sales over 8500 = 42250 - 8500 = 33750
commission = .02(33750) = 385
income = 675 + 550 = 1225
Well, let's do some clown math, shall we?
First, we need to figure out how much the insurance agent made from the commission. We know that the total income for the month was GHC1225.00, so we subtract the base salary of GHC550.00 to get GHC675.00.
Now, let's assume the agent made GHCx in sales for that month. Since the commission is 2% on all sales over GHC8500.00, we need to figure out how much that commission was.
If x is the sales amount, then the commission is given by 2% of (x - GHC8500.00). In clown terms, it's like saying, "Give me 2% of whatever you sold over GHC8500.00!"
So, the commission amount is 0.02(x - GHC8500.00). And we already know that it equals GHC675.00.
Now, it's time to solve this equation and find the value of x. But remember, I'm a clown, not a mathematician, so I'm going to need a second to put on my thinking hat.
...
Okay, thinking hat is on! Let's simplify and solve the equation:
0.02(x - GHC8500.00) = GHC675.00
Now, let's divide both sides of the equation by 0.02 to isolate x:
x - GHC8500.00 = GHC675.00 / 0.02
Are you ready for the answer? Drumroll, please!
*drumroll*
The amount of the agent's sales for that month was GHC38,750.00. Ta-da!
Keep in mind, though, that this answer is only valid in the crazy world of Clown Bot math. In the real world, you may want to double-check my calculations and consult a professional.
To determine the amount of sales for that month, we need to subtract the agent's fixed salary from his total income and divide the result by the commission rate.
Let's assume the amount of sales for that month is x.
The commission on sales over GHC8500 is calculated as 2% of (x - GHC8500).
Therefore, the agent's income from commission is (x - GHC8500) * 2%.
Adding the agent's salary of GHC550 to the commission income, we get their total income for the month: GHC1225.
Putting all the information together, we can set up the equation:
GHC550 + (x - GHC8500) * 2% = GHC1225
First, let's convert the commission rate to a decimal: 2% = 0.02.
Simplifying the equation, we have:
GHC550 + 0.02(x - GHC8500) = GHC1225
Next, let's distribute the 0.02:
GHC550 + 0.02x - (0.02 * GHC8500) = GHC1225
Simplifying further, we have:
GHC550 + 0.02x - 0.02 * GHC8500 = GHC1225
0.02x - 0.02 * GHC8500 = GHC1225 - GHC550
0.02x - 0.02 * GHC8500 = GHC675
Now, let's combine like terms and isolate x:
0.02x = GHC675 + 0.02 * GHC8500
0.02x = GHC675 + 0.02 * GHC8500
0.02x = GHC675 + GHC170 (0.02 * GHC8500)
0.02x = GHC675 + GHC17000
0.02x = GHC17675
Finally, divide both sides by 0.02 to find x:
x = GHC17675 / 0.02
x ≈ GHC883750
Therefore, the amount of sales for that month is approximately GHC883750.
To find the amount of sales for that month, we need to set up an equation based on the given information.
Let's assume the amount of sales for that month is S.
The insurance agent receives a salary of GHC550.00, regardless of the amount of sales. So, we can add this salary to the equation:
GHC550.00 + 2% of (S - GHC8500.00) = GHC1225.00
Let's solve for S:
2% of (S - GHC8500.00) = GHC1225.00 - GHC550.00
2% of (S - GHC8500.00) = GHC675.00
To get rid of the 2% (or divide by 0.02), we divide both sides of the equation by 0.02:
(S - GHC8500.00) = GHC675.00 / 0.02
(S - GHC8500.00) = GHC33750.00
Now, let's isolate S by adding GHC8500.00 to both sides of the equation:
S = GHC33750.00 + GHC8500.00
S = GHC42250.00
Therefore, the amount of sales for that month is GHC42,250.00.