Third Federal Bank is in a national search for a new Director of Human Resources. The recruiting budget is $30,000. So far, the bank has spent $8,600 on advertising and $7,650 on interviewing. The bank is willing to pay a 5.5% commission to a broker for selling the new director's home. What is the maximum selling price on which the bank would pay 5.5% commission and stay within its budget? Express your answer in dollars and cents.

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30 November, 22:13

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Teresa Richards · Answer 1

Remaining budget = 30000 - 8600 - 7650 = $13750

13750 =.055x

x = 13750 /.055 = $250,000 max selling price