Tim works in a music store and earns a 3.8% commission on each sale. If Tim sells a banjo and earns $22.25, what was the price of the banjo? Round your answer to the nearest cent.
Percentage of commission that Time gets on each sale = 3.8% Amount of commission earned by Tim by selling a banjo = $22.25 Let us assume the actual price of the Banjo = x dollars Then 3.8% * x = 22.25 (3.8/100) * x = 22.25 3.8x = 22.25 * 100 3.8x = 2225 x = 2225/3,8 dollars = 585.526 dollars = 585.53 dollars So the original price of the banjo that was sold by Tim was $585.53. I hope you have clearly understood the procedure.
