With currency exchange they charge 3% when I buy a currency. When I sell they charge 3% on the amount I sell. My question: At which amount do I need to sell to make up for the 3% fees?
I currently calculating it like this (below). Currently to find the breakeven I change the $276.09 amount until I can get near to zero (when I substrate the two totals).
Sell Buy Difference
sell/buy $276.09 - $260 = $16.09
3% fee $8.28 + $7.8 = $16.08
breakeven (~zero) = $16.09 - 16.08
I need to replace $276.09 by x. Any ideas as to what kind of formula I should use?
Let's say you want to buy $B$ dollars and they charge a fraction $b$ to buy that. You want to figure out how much $S$ to sell when there is a fraction $s$ fee. You can deduce that
$$S = \frac{1+b}{1-s} B$$
In your example, $B=260$, $b=s=0.03$.