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Please show steps on how to use Goal Seek to solve this! . For the stockbroker situation in Problem 22, use the Goal Seek tool
Please show steps on how to use Goal Seek to solve this!
. For the stockbroker situation in Problem 22, use the Goal Seek tool to find the number of calls needed to achieve a broker commission of $5,000. 22. A stockbroker calls on potential clients from refer- rals. For each call, there is a 20% chance that the cli- ent will decide to invest with the stockbroker's firm. Forty percent of those interested are found not to be qualified, based on the brokerage firm's screening criteria. The remaining are qualified. Of these, half will invest an average of $5,000, 25% will invest an average of $20,000, 15% will invest an average of $50,000, and the remainder will invest $100,000. The commission schedule is as follows: Transaction Amount Up to $25,000 $25,001 to $75,000 $75,001 to $100,000 Commission $75 + 0.5% of the amount $100 + 0.4% of the amount $150 + 0.3% of the amount The broker keeps half the commission. Develop a spreadsheet to calculate the broker's commission based on the number of calls per month made. What is the expected commission based on making 250 calls? Stockbroker Problem 22 Number of Calls 250 20% Investment Percentage Number of Investments Commission Schedule Lower Limit Upper Limit Fixed Variable % $0.00 $25,000.00 $75.00 0.50% $25,001.00 $75,000.00 $100.00 0.40% $75,001.00 $100,000.00 $150.00 0.30% 50 Unqualified Percentage Number of Qualitifed Investors 40% 30 Group 1 Group 2 Group 3 Group 4 50% invest 25% invest 15% invest 10% invest $5,000.00 $20,000.00 $50,000.00 $100,000.00 Number of Investors Fixed Commission Variable % Commission Per Group Group 1 15 $75.00 0.50% $100.00 Group 2 7.5 $75.00 0.50% $175.00 Group 3 4.5 $100.00 0.40% $300.00 Group 4 $150.00 0.30% $450.00 Total $5,512.50 Broker's Keep % 50% Broker's commission $2,756.25 3Step by Step Solution
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