Tom Sells Mutual Funds on a Graduated Commission Structure

question 329

Short Answer

Tom sells mutual funds on a graduated commission structure. He receives 3.3% on the first $50,000 of sales in a month, 4.4% on the next $50,000, and 5.5% on all further sales. What are his gross earnings for a month in which he sells $140,000 worth of mutual funds?

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Writing

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Common Law

A legal system based on precedent and jurisprudence, where the decisions of courts have significant weight in the interpretation of laws.

Ucc

UCC stands for Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.

Consumer Lease

A contractual agreement where a lessee (consumer) agrees to rent personal property for personal, family, or household purposes for a fixed period or indefinitely.