For each gym membership sold, the gym keeps $42 and the employee who sold it gets $8. What is the commission the employee earned
2 answers:
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Answer:
$50,281.04
Step-by-step explanation:
5 years is equivalent to (5 × 12) = 60 months
Now, the first payment $670 is compounded for 60 months at the rate of % monthly interest.
So, it will become .
Similarly the second payment of $670 will become
Therefore, in this way after 60 months i.e. 5 years the total sum will be
=
=
=
= $50,281.04 (Answer)
{Since, the sum of the G.P. series }