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EXS Manufacturing has agreed to pay CEO Joe Marcelli compensation in 2004 of $200,000 plus 15% of company profits. If EXS has profits of $6

EXS Manufacturing has agreed to pay CEO Joe Marcellicompensation in 2004 of $200,000 plus 15% of company profits. If EXS has profits of $6 million in 2004 and $4 million in 2003, how much will Joe receive in 2004? Provide justification that this amount is reasonable by first calculating how much he would receive with 2003 profit.

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