Brain Teasers
Ann And Real Estate
Ann purchased a house for $166,902. She wants to sell it for a profit of exactly 13%. However, she does not want to sell it herself. She wants a Real Estate Agent to sell it for her. The Agent must make a commission of exactly 5.7% (in addition to Ann's 13% profit). How much must the Agent sell the house for? Give your answer to the nearest dollar.
Answer
The Agent must sell Ann's house for $ 200000.The Agent gets $ 11400 as commission (i.e., 0.057 x 200000).
Ann gets (including profit) $ 188600, i.e., 200000 - 11400.
It may be noted that: (188600 - 166902) / 166902 x 100 = 13%.
Importantly, profit is calculated on purchase cost (by Ann) and commission is calculated on selling price (by the Agent).
The problem may also be solved by setting up the following equation:
Purchase Cost + Ann's Profit + Agent's Commission = Selling Price
166902 + (13/100) 166902 + (5.7/100) S = S
where S is the Selling Price in $.
The equation may be solved as shown below.
188600 + 0.057 S = S
S = 188600 / (1 - 0.057) = 200000.
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Comments
Too easy. These are supposed to be "teasers" not 6th grade arithmetic.
That's the second time you've said that.
copy and paste at its best, You haven't even got the intelligence to change the names or amounts. You even copied the working out as well, aw sweet.
Shut up.
And if shut up isn't good enough for you then I don't think you need to rub it in. *Doll Voice* I copy and pasted every single one of my teasers and I'm very angry with myself and I should listen to mad-ade more often. Because of course mad-ade has never copy and pasted anything. *Yeah* *Right*
I have never copy and pasted with out completely altering them. even simple teasers of one or two lines I try to re-word. Like i have state several times before, I have nothing against the practice of copy and pasting, just the laziness of posting it with out changing it.
Actually, a selling price of 199,999 gets
Ann slightly closer to her desired 13% profit:
12.99988% instead of 13.00044%.
Ann slightly closer to her desired 13% profit:
12.99988% instead of 13.00044%.
madade, missie, i have a bottle full of chill pills here, and they're available for free.
and dewtell, i think that what's her name wanted to get something either above or at her profit, but that's still good thinking...
The answer is in fact incorrect. If you are going to set a Mathematics teaser then the solution needs to adhere to correct Mathematical procedure: That is, not rounding off results part of the way through the calculation
If she wants to make a 13% profit then she must receive 1.13 x $166 902 = $188 599.26
This represents 94.3% of the sale price as the agent takes the other 5.7%.
$188 599.26 / 0.943 = $199 999.22
Now rounding the answer off to the nearest dollar gives $199 999.
If she wants to make a 13% profit then she must receive 1.13 x $166 902 = $188 599.26
This represents 94.3% of the sale price as the agent takes the other 5.7%.
$188 599.26 / 0.943 = $199 999.22
Now rounding the answer off to the nearest dollar gives $199 999.
Yeah I said $199,999.22
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