An auction house has accepted an item for auction where the owner has placed a reserve price of $100,000: that is, if the item sells, the owner must receive at least $100,000, less a seller’s commission of 9%. On sale of an item, the buyer pays a “buyer’s premium” of 10% to the auction house. If the item does not sell, the seller must pay a listing fee of $2,500 to the house.

What is the break-even sale price for the auction house? Work must be done in Excel and work shown.