Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

 

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? Select one: A. $3625 B. $5625 C. $2250 D. $4500 E. $2700

Step by Step Solution

3.54 Rating (161 Votes )

There are 3 Steps involved in it

Step: 1

Ques Gross commission Rate Monthly sale sale of 50000 150000 Gross commission C... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Thermodynamics An Interactive Approach

Authors: Subrata Bhattacharjee

1st edition

130351172, 978-0130351173

More Books

Students also viewed these Finance questions