Question

The number of African American-owned firms in 1997 excluding corporations was 823,500 . This is a 26% increase from 1992 . What was the number of African American-owned firms excluding corporations in 1992 ? Round to the nearest hundred

Answer 1

To calculate the number of African-American-owned firms in 1992 before a 26% increase to 823,500 in 1997, divide 823,500 by 1.26. The result is approximately 653,600 when rounded to the nearest hundred.

Step-by-step explanation:

The student is asking about finding the original number of African-American owned firms before a 26% increase occurred, resulting in 823,500 firms in 1997.

To find the number of firms in 1992, we use the formula:

Original number = Increased number / (1 + Percentage increase)

In this case:

Original number = 823,500 / (1 + 0.26)

Original number = 823,500 / 1.26

Original number = 653,571.4286

When rounded to the nearest hundred, the number of African-American owned firms in 1992 would be:

Original number ≈ 653,600