Question
Pete sells life insurance for a major insurance company for a commission. Last year he sold $12 comma 000 comma 000 worth of insurance. He earned $192 comma 000 in commissions. What was his commission rate?
Answers
GPT 3.5
To find Pete's commission rate, we need to divide the total commission earned by the total insurance sold and then multiply by 100 to get a percentage.
Commission rate = (Total commission earned / Total insurance sold) * 100
Commission rate = ($192,000 / $12,000,000) * 100
Commission rate = 0.016 * 100
Commission rate = 1.6%
Therefore, Pete's commission rate was 1.6%.
Commission rate = (Total commission earned / Total insurance sold) * 100
Commission rate = ($192,000 / $12,000,000) * 100
Commission rate = 0.016 * 100
Commission rate = 1.6%
Therefore, Pete's commission rate was 1.6%.