An auction house charges a commission of 17% on the first $50,000 of the sale price of an item, plus 10% on the amount of of the sale price in excess of $50,000. What was the price of a painting for which the house charged a total commission of $24,000?
Choose the correct answer: A) $115,000 B) $160,000 C) $205,000 D) $240,000 E) $365,000
Say the price of the house was $x, then 0.17*50,000+0.1*(x-50,000)=24,000 --&gt; x=$205,000 (17% of $50,000 plus 10% of the amount in excess of $50,000, which is x-50,000, should equal to total commission of $24,000).   Answer: $205,000.
<result>C</result>
An auction house charges a commission of 17% on the first $50,000 of the sale price of an item, plus 10% on the amount of of the sale price in excess of $50,000. What was the price of a painting for which the house charged a total commission of $24,000?