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A stockbroker's commission on a transaction is 2.5% of the first $5,000 of the transaction amount and 1.5% of the remainder. What was the amount of a transaction that generated a total commission of $227?

A stockbroker's commission on a transaction is 2.5% of the first $5,000 of the transaction amount and 1.5% of the remainder. What was the amount of a transaction that generated a total commission of $227?

Elementary Algebra
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.44TI: In 5 years, Gloria’s bank account earned $2,400 interest at 5%. How much had she deposited in the...
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A stockbroker's commission on a transaction is 2.5% of the first $5,000 of the transaction amount and 1.5% of the remainder. What was the amount of a transaction that generated a total commission of $227?
Transcribed Image Text:A stockbroker's commission on a transaction is 2.5% of the first $5,000 of the transaction amount and 1.5% of the remainder. What was the amount of a transaction that generated a total commission of $227?
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