Question

Over the last 50 years, the average cost of a car has increased by a total of 1,094%. If the average cost of a car today is $31,918, how much was the average cost 50 years ago

Answer 1

$2673

Explanation:

Let x represent average cost of car 50 years ago.

We have been given that over the last 50 years, the average cost of a car has increased by a total of 1,094%. The average cost of a car today is $31,918. We are asked to find the average cost 50 years ago.

We can represent our given information in an equation as:

`x+1,094\%\text{ of } x=\$31,918`

`x+(1,094)/(100)* x=\$31,918`

`x+10.94x=\$31,918`

`11.94x=\$31,918`

`(11.94x)/(11.94)=(\$31,918)/(11.94)`

`x=\$2673.1993299`

`x\approx \$2673`

Therefore, the average cost of the car 50 years ago was $2673.