Ujvari and Company, Ltd. is a large securities dealer in Frankfurt, Germany. Last year, the company made 45,000 trades with an average commission of 210 euros. Small investors are abandoning tthhee 1ma rket, whose volume is expected to decline by 15 percent for the coming year. The firm’svo lume ggeetn erally changes with the market. However, in addition to market factors, the firm expects an additional, 0 percent decline in the number of trades due to unfavorable publicity.

' Offsetting these factors is the observation that the average commission per trade is likely to incase .

by 30 percent because trades are expected to be large in the coming year.

Required Estimate the firm’s commission revenue for the coming year. (Remember to express your answer in terms of euros. On the day this exercisweas written, the euro was equivalent in value to .7827 US dollars.)