Question

Due to increased malling costs, the new rate will cost publishers $63 million, this is 12.4% more than they paid the previous year. How much did it cost publishers last year? (Enter your answers in dollars not in millions. Round to the nearest hundreds.)

Answer 1

$56,049,800.

Explanation:

Let x represent last year's cost.

We have been given that this year publishing costs are 12.4% more than last year. So the publishing costs this year would be x plus 12.4% of x.

We are also told that this year cost is $63 million.

1 million = 1,000,000

63 million = 63,000,000.

We can represent this information in an equation as:

`x+(12.4)/(100)x=63,000,000`

`x+0.124x=63,000,000`

`1.124x=63,000,000`

`(1.124x)/(1.124)=(63,000,000)/(1.124)`

`x=56,049,822.064`

Round to nearest hundreds:

`x\approx 56,049,800`

Therefore, it cost $56,049,800 publishers last year.