A man sold his house for $125000. After paying the broker his commission, the man received $116875. What was the brokers commiss
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Answer:
Step-by-step explanation:
The amount formula in compound interest is:
where:
P = principal amount
r = annual interest
n = number of compounding periods
t = number of years
We already know that:
P = $2000
t = 7 (number of years from 6th to 13th bday)
n = 4 (quarterly in a year)
Then,