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

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> 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      Log On


   

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) About Me  (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.