Question

Each year Rolando saves 8% of his income. This year he saved $3000 and his salary was $2000 less than in the previous year. What was his salary in the previous year? Write and solve an equation

Answer 1

The Answer is: $39,500

Explanation:

Let s = salary or income for this year.

Let y = last year's salary

Eight percent of the salary is 3000. Set up an equation and solve for s:

0.08s = 3000

s = 3000/0.08 = 37,500

This year was 2000 less than last year. Set up the equation and solve for y:

y = s + 2000

y = 37,500 + 2000 = 39,500

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