An insurance salesperson earns a commission of 3% of the first 5000 dollars on insurance that he sells each week and 4 percent of the value in excess of 5000 dollars. One week he earned a commission of 320 dollars. What was the total value of the insurance that he sold during the week?

Answer 1

0.03*5000 + 0.04(N-5000) = 320.
150 + 0.04N - 200 = 320,
0.04N = 370,
N = $9250 = Total sales.