Question 5(1.6 points) I am working with a realtor whose commission is 5.0% of t

Question

Question 5(1.6 points) I am working with a realtor whose commission is 5.0% of the selling price of my house. Because of a "down" market, I know that I am not going to get top dollar for my house, but I do want to make sure that I get enough to pay off the existing mortgage of S195000. What does the selling price need to be so that I can pay the realtor and pay off the existing mortgage (I will have no money leftover)? Enter you answer without a dollar sign or any commas and rounded to the nearest dollar, e.g., $218,123.63-218124 Your Answer: Answer Save Question 6 (1.4 points) Donna D, a longtime CPA, can do an audit of Beta, Inc. in 20 hours, if she works by herself. She has two assistants who are capable of doing the same audit, but each one of them, working individually, would take 55 hours to do the audit. If they all worked together, how many hours would it take to do the audit? Your Answer: Answer Save

Explanation / Answer

5% of the selling price is to be given to the broker and rest 95% should go into the mortgage repayment;
Thus, selling price = 100x
Brokerage = 5x
Mortgage repayment = 95x
But 95x = 1,95,000
x= 195000/95 = 205,263.157 = 205,263 or 205,264
Thus, if house is sold for 205,264 then after 5% comission payment the mortgage will be repaird with no money left with you.

-> Donna would take 20 hours to do it; Thus, per hour she will complete 1/20th of work
Her two assistants will individualy take 55 hours so per hour they will each complete 1/55th of work

Together in 1 hour they will complete 1/20 +1/55+1/55 = 11+4+4/220 = 19/220th of the work
So to complete the entire work they will take:
1 : 19/220
x : 220/220
x= 220/220/19/220 = 220/19 hours

Thus, total time taken to do the audit for all 3 of them will be 220/19 hours

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