Question
Abu sells mutual funds for CIBC. On mutual funds sales, CIBC charges a front-end load or gross commission rate of 5%. Abu is paid on
Abu sells mutual funds for CIBC. On mutual funds sales, CIBC charges a "front-end load" or gross commission rate of 5%. Abu is paid on a graduated
commission structure. He receives 30% commission on the first $50 000 worth of mutual funds he sells in a month, 40% commission for the next $50
000 worth of mutual funds, and 75% commission on all additional sales in the same month. What is Abu's commission for a month in which he sells
$150 000 worth of mutual funds?
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
3rd Canadian Edition
978-0133035575, 133035573, 978-0133970524, 133970523, 978-0134040042
