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Thank you...doesnt matter if you get verbose...it helps sometimes :-)
I spent about 2-3 months thinking of this problem, but never really sat down with a pen and paper. I tried it on excel, as thats how i normally work. But after your note, i went back to basics, started writing on paper....and put algebra to good use! it took less than 10 mins to sove the issue. So back to basics should be my new year resolution i guess!! Thanks once again!
Hi noelevans,
Thanks a ton! Algebra it is
Although i needed to work on it a bit differently, i used algebra as you suggested, and I have found the answer!
Thanks again
Suppose the cost of my goods+my margin is 100 USD. I need to add salesmans commision @2%, Commision to dealer@10% and sales tax@4.5%. Which means that my final quote to the client must include all these 3 items, plus the 100USD.
By simple math, this is 100+2+4.5+10=116.5 USD. But when you work backwards, 10% included in 116.5 is 116.5-(116.5*100/110)=10.59, and not 10. so when i pay the document charges + both commissions i am paying out more than i calculated, which eats into my margin.
Whats the error i am making in my calculation, and is what is the right way to do it. I understand its becasue i am adding up 3 percentages, and then back calulating for each percentage from the total...pls help.
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