Question

Find last years salary if after 3% pay raise, this years salary is $34505

Answer 1

$34,505

s = --------------- = $33,500

1.03

Explanation:

Last year's salary was 1.00 s.

A 3% pay raise would thus amount to 0.03s.

This would equal this year's salary: $34,505.

Thus, 1.03s = $34,505; find s, which was last year's salary.

Dividing both sides by 1.03, we get:

$34,505

s = --------------- = $33,500

1.03