Question

Jay Miller sold his ski house at Attitash Mountain in New Hampshire for $38,000. This sale represented a loss of 11% off the original price. What was the original price Jay paid for the ski house?

Answer 1

The original price of Jay Miller's ski house was approximately $42,696.63, calculated by dividing the selling price of $38,000 by 0.89 to account for the 11% loss.

Step-by-step explanation:

Jay Miller sold his ski house for $38,000, which was an 11% loss off the original price. To determine the original price, we use the concept that selling price is equal to the original price minus the loss (11% of the original price). Let's denote the original price as 'P'. Therefore, we can express this relationship as:

38,000 = P - 0.11 × P

38,000 = P(1 - 0.11)

38,000 = P(0.89)

To find the original price 'P', we divide both sides of the equation by 0.89:

P = 38,000 / 0.89

P = $42,696.63 (rounded to two decimal places)

Therefore, the original price that Jay paid for the ski house was approximately $42,696.63.