Question

Can someone please help with this?

In 2015, the price of a business math text rose to $150. This is 8% more than the 2014 price. What was the old selling price? (Round to the nearest cent.)

Selling price $

Answer 1

the old price is "x"

now, if the new price is 150 and is 8% more, that means this new price is the 108% of the old price

so
`\bf \begin{array}{ccllll} amount&\%\\ \textendash\textendash\textendash\textendash\textendash\textendash&\textendash\textendash\textendash\textendash\textendash\textendash\\ x&100\\ 150&108 \end{array}\implies \cfrac{x}{150}=\cfrac{100}{108}`

solve for "x"

Answer 2

The old price was approximately $ 138.89.

Explanation:

Let x be the old selling price of the business math,

Given,

The price is increased by 8 %,

So, the new price = Old price + 8 % of old price

= x + 8 % of x

= x + 0.08x

= 1.08x

According to the question,

`1.08x = 150`

`\implies x = (150)/(1.08)=138.8889\approx 138.89`

Hence, the old price was approximately $ 138.89.