Let's break down and solve each part of the problem systematically.

Given Information:

• Commission rates:
  • Up to $300,000: 4%
  • $300,000 and over: 5%
• Bailey's earnings:
  • Base salary: $180 per week
  • Additional: 5% of the real estate agency's commission

Part A: Commission for the $290,000 Sale

Since the sale price ($290,000) is less than $300,000, the commission rate is 4%.

• Commission = 4% of $290,000 $\text{Commission} = 0.04 \times 290,000 = 11,600$

So, the commission paid to the real estate agency for the $290,000 sale is $11,600.

Part B: Commission for Both Properties

• Property 1: Already calculated as $11,600 (from Part A).

• Property 2: Selling price = $600,000. Since this is $300,000 or more, the commission rate is 5%. $\text{Commission} = 0.05 \times 600,000 = 30,000$

• Total commission for both properties: $11,600 + 30,000 = 41,600$

The commission paid to the real estate agency for both properties is $41,600.

Part C: Bailey's Pay for This Week

• Base salary: $180

• Additional commission: Bailey gets 5% of the real estate agency's total commission ($41,600). $\text{Bailey's commission} = 0.05 \times 41,600 = 2,080$

• Total pay: $180 + 2,080 = 2,260$

Bailey's pay for this week is $2,260.

Part D: Bailey's Average Weekly Income Over Two Weeks

• Week 1: No properties were sold, so Bailey only received his base salary of $180.

• Week 2: Bailey's pay was $2,260 (calculated in Part C).

• Total income over two weeks: $180 + 2,260 = 2,440$

• Average weekly income: $\frac{2,440}{2} = 1,220$

Bailey's average weekly income for the two-week period is $1,220.

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Summary of Answers

1. Part A: $11,600
2. Part B: $41,600
3. Part C: $2,260
4. Part D: $1,220

Would you like further details or have any questions?

5 Related Questions

1. If Bailey sold another property for $350,000 next week, what would be his total earnings for that week?
2. What would Bailey's weekly pay be if the agency's commission rates changed to 3% for up to $300,000 and 6% for $300,000 and over?
3. How would Bailey's average weekly income change if he sold properties totaling $1,000,000 in a month?
4. How much commission would the real estate agency earn if Bailey sold three properties each worth $250,000?
5. If Bailey receives a 10% commission instead of 5%, what would his earnings be for this week?

Tip: When calculating percentages, remember to convert the percentage to a decimal (e.g., 4% becomes 0.04) before multiplying it by the relevant value.