When Pete Mills went to withdraw $5,900 from the NFA Mutual fund, he was informed that the fund would charge 8 percent of the am

Question

3 years ago

9

ount withdrawn. What is the dollar amount of the withdrawal charge?

1 answer:

valentinak56 [21] · Answer 1 · 2022-04-27T01:15:25+03:00

Answer:

Withdrawal charge = $472

Step-by-step explanation:

Percentage refers to a fraction a whole based on the 100% scale.

The amount withdrawn is $5,900.

Charges on withdrawal = 8%

To calculate the amount of dollar charged on the withdrawn amount, we simply divide this percentage by 100% and multiply by the withdrawn amount.

Withdrawal charge = $\frac{8}{100} * $5900$

Withdrawal charge = $472

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