Question

This year, a small business had a total revenue of $34,100. If this is 24% more than their total revenue the previous year, what was their total evenue the previous year?

Answer 1

To find the total revenue the previous year, we need to calculate 100% of the previous year's revenue. Since the current year's revenue is 24% more than the previous year's revenue, we can set up the equation: Previous Year's Revenue + 24% of Previous Year's Revenue = Current Year's Revenue.

Step-by-step explanation:

To find the total revenue the previous year, we need to calculate 100% of the previous year's revenue. Since the current year's revenue is 24% more than the previous year's revenue, we can set up the equation:

Previous Year's Revenue + 24% of Previous Year's Revenue = Current Year's Revenue

Let P represent the Previous Year's Revenue:

P + 0.24P = $34,100

Combining like terms:

1.24P = $34,100

Dividing both sides of the equation by 1.24:

P = $34,100/1.24

Using a calculator, we find that P is approximately $27,500.

Answer 2

To find the previous year's total revenue when this year's revenue is 24% higher, divide this year's revenue by 1.24. The small business had a total revenue of $27,500 the previous year.

Step-by-step explanation:

The student has asked how to calculate the previous year's total revenue for a small business, given that this year's revenue of $34,100 is 24% more than last year. To solve this, we should divide the total revenue of this year by 1.24 (since 24% more than the previous year implies 100% + 24% = 124% or 1.24 in decimal terms). This will give us the total revenue of the previous year.

Let's calculate:

• This year's total revenue = $34,100

• Previous year's total revenue = This year's total revenue / 1.24

• Previous year's total revenue = $34,100 / 1.24 = $27,500

Therefore, the small business had a total revenue of $27,500 the previous year.