a company will issue stock and bonds to raise $45,000,000 to finance a project. the company will need to pay…

a company will issue stock and bonds to raise $45,000,000 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 specialty fees. fees = $?

a company will issue stock and bonds to raise $45,000,000 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 specialty fees. fees = $?

Answer

Explanation:

Step1: Identify the formula

To find the amount of specialty - fees, we use the formula: Amount of specialty fees = Percentage of specialty fees×Total money raised.

Step2: Convert the percentage to a decimal

The percentage of specialty fees is 0.5%. To use it in the formula, we convert it to a decimal. 0.5% = 0.5÷100 = 0.005.

Step3: Calculate the specialty fees

The total money raised is $45,000,000. So, the amount of specialty fees = 0.005×45000000. $0.005\times45000000 = 225000$

Answer:

$225000$