a company will issue stock and bonds to raise $30,000,000 to finance a project. the company will need to pay…

a company will issue stock and bonds to raise $30,000,000 to finance a project. the company will need to pay specialty fees and service commission as part of this process. 0.5% of the money raised will be spent on specialty fees, and 2% of the money raised will be spent on service commission. calculate the amount of money that will be spent on service commission. commission = $?

a company will issue stock and bonds to raise $30,000,000 to finance a project. the company will need to pay specialty fees and service commission as part of this process. 0.5% of the money raised will be spent on specialty fees, and 2% of the money raised will be spent on service commission. calculate the amount of money that will be spent on service commission. commission = $?

Answer

Explanation:

Step1: Identify the formula

We use the formula: Commission amount = Percentage of commission×Total money raised.

Step2: Convert percentage to decimal

The service - commission percentage is 2%. To use it in the formula, we convert it to a decimal. 2% = 0.02.

Step3: Calculate the commission amount

The total money raised is $30,000,000. So, the commission amount = 0.02×30000000. $0.02\times30000000 = 600000$

Answer:

$600000$