Finding the maximum selling price on which the bank would pay

Question

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.

Answer 1

The bank has already  spent $8,600 on advertising and $ 7,650 which totals $15,250.  The banl has a budget which means it has $30,000 - 15,250 = $ 14,750 left to spend on real estate commission.

 

This mean selling price  P x .055 =  14,750

 

This means P  =  14,750 /  .055  =  $ 268,181,82