Question

When there was a boom in the real estate market, Trevor sold his property for $410,840, which was 120% of the amount he paid for it. What was the amount he paid for the property? Round to the nearest cent

Answer 1

Trevor paid $342,366.67 for his property, which he sold for 120% of the purchase price.

Step-by-step explanation:

Trevor sold his property for $410,840, which was 120% of the amount he paid for it. To find the original purchase price, we can set up a simple equation where the original price (P) multiplied by 120% (or 1.2) is equal to $410,840. The equation would look like this: P * 1.2 = $410,840. To solve for P, divide both sides of the equation by 1.2, giving us P = $410,840 / 1.2. Calculating this gives us P = $342,366.67. Therefore, Trevor paid $342,366.67 for the property. Always remember to round to the nearest cent when working with currency, as this will ensure accuracy in financial calculations.