Say I want to pay someone 100.00
but the service I use keeps 3% of the payment I make. Meaning they would only receive 97.00
since they would keep 3
. If I increase my payment to 103
they would keep 3.09 meaning they would only receive 99.91. Is there a formula to calculate the exact extra amount I'd need to pay in order to offset the percentage fee?
(I know this is tagged incorrectly but I can't create tags yet and I didn't see any that fit.)