Question

Jim Goodman, an employee at Walgreens earned 35,000 an increase of 17.6% over the previous year. What were Jim’s earnings the previous year? ( round to the nearest cent)

Answer 1

Last year earnings = X

Present Year earnings = $35,000

Increase = 17.6% = 0.176

`X\cdot(1+0.176)=35000`

This means, that last year earnings multiply by 1.176 equals the present earnings

If we solve for x:

`x=(35000)/(1.176)=29761.90`

We found that last year Jim used to earn $29,761.90