Pls help solve this question. Thank You!
1. An insurance company pays each of its agents a salary of $P per month. The salary consists of a basic pay of $450 plus a commission of $700 for each of N new policies signed.
a)(i) Express P in terms of N.
(ii) Calculate the salary of an agent in a particular month in which 5 new policies were signed.
(iii) If the salary of an agent was $2250 in another month, find how many new policies were signed in that particular month.
b) Suppose that the insurance company decides to decrease the monthly basic pay of each of its agents by 2/5 but increase the commission per new policy signed by 1/10 plus an additional $20.
(i) Express P in terms of N for the new arrangement.
(ii) Find how many new policies must be signed in a month for the agent to receive the sames monthly salary under either arrangement.
Hi,
Please be more specific about your difficulties in solving the questions you have posed. It can't be the case that you are unable to do anything at all. Thanks.
Cheers,
Wen Shih