a company will issue stock and bonds to raise $55,000,000 to finance a project. the company will need to pay…

a company will issue stock and bonds to raise $55,000,000 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 $55,000,000 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 total amount raised

The total amount of money raised is $55,000,000.

Step2: Convert the percentage to a decimal

The percentage for specialty fees is 0.5%, which is equivalent to 0.005 in decimal form.

Step3: Calculate the specialty fees

To find the amount spent on specialty fees, multiply the total amount raised by the decimal form of the percentage. So, we calculate ( 55000000\times0.005 ).

( 55000000\times0.005 = 275000 )

Answer:

( $275000 )