Question

Find last year's salary if after a 4% raise , this year's salary is $44,200. . .

Answer 1

To find last year's salary after a 4% raise, we can set up an equation and solve for the original salary. The original salary comes out to be $42,500.

Step-by-step explanation:

To find last year's salary, we need to reverse the 4% raise to get the original salary before the raise.

Let's assume the original salary is x. According to the information given, the raise is 4% of x, which means it is 0.04x.

The current salary after the raise is given as $44,200, so we can set up the equation: x + 0.04x = $44,200.

Simplifying this equation, we get 1.04x = $44,200.

Now, we can solve for x by dividing both sides of the equation by 1.04: x = $42,500. Therefore, last year's salary was $42,500.

Answer 2

The current salary is $44,200. In this case, the percent increase is 4%. The percent increase serves like an investment in which the interest is compounded. The formula that applies here is current = previous *( 1.04)^n where n is 1. Last year's salary is $42,500