SOLUTION: Thomas is selling his toy collection at an auction. He wants to be left with $1190.40 after paying a seller's premium of 4% on the final bid (hammer price) for the coll
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Question 1133775: Thomas is selling his toy collection at an auction. He wants to be left with $1190.40 after paying a seller's premium of 4% on the final bid (hammer price) for the collection. What must the hammer price be in order for him to clear $1190.40?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the sale price is 4% of the hammer price.
the equation for this is s = h - .04 * h
simplify to get s = .96 * h
since s needs to be 1190.4, the equation becomes 1190.4 = .96 * h
solve for h to get h = 1190.4 / .96 = 1240.
the hammer price needs to be at least 1240 in order for the toys to fetch at least 1190.4.
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