Answer:
The correct answer is:
$317,460 (D.)
Explanation:
At the end of sales, after deducting the 5.5% commission of broker fee, the amount left as net value = $300,000. It can also be said that the total amount will be $300,000 + 5.5% of the total amount.
Let the price which the home is to be sold be "X"
From the statement above, the equation below can be written:
$300,000 + (5.5% of X) = X
X - (5.5% of X) = $300,000
Note that 5.5% of X = 5.5/100 × X = 0.055X
∴ X - (5.5% of X) = $300,000
= X - 0.055X = 300,000
0.945X = 300,000
X = [tex]\frac{300,000}{0.945} = 317,460.31[/tex]
= $317,460 (to the nearest dollars)
