Third federal bank is in a national search for a new director of human resources. the recruiting budget is $30,000. so far, the bank has spent $8,600 on advertising and $7,650 on interviewing. the bank is willing to pay a 5.5% commission to a broker for selling the new director's home. what is the maximum selling price on which the bank would pay 5.5% commission and stay within its budget? express your answer in dollars and cents.

The maximum selling price is $250,000.

Step-by-step explanation:

The recruiting budget is $30,000.

The bank has spent $8,600 on advertising and $7,650 on interviewing.

Total money spent =

Let the maximum selling price be = m

Commission rate = 5.5% or 0.055

The remaining budget is =

So, commission paid will be $13750 and this is 5.5% of maximum selling price.

We can calculate as:

=>

m = $250,000

Hence, maximum selling price is $250,000.

step-by-step explanation:

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