Let's say there's a fee of 5% applied on funds deposit - how much do I have to deposit in order to have net $\$100 in an account?
I thought it's simply \$105$ :D (however then fee = 5,25).
Let's say there's a fee of 5% applied on funds deposit - how much do I have to deposit in order to have net $\$100 in an account?
I thought it's simply \$105$ :D (however then fee = 5,25).
You have to solve:
x.(1-5%)=100
then x=105,26...=100/0,95
Why is it not 105 ?
5% of 100 is 5,
If X>100 then 5% of X is greater than 5
Therefore if you take 5% out of 105 since 105>100 the result will be less than 100.