Due to dwindling reserves of copper ore, the price of a 100-foot spool of copper wire increased 20% this year to $144. What was the old price (last year's price) for a 100-ft spool of wire?

$130
$145
$120
$115

1.2x = 144

x = ?

I have no idea what you mean.

It's a basic algebraic equation.

Let x = the original price. The price has increased by 120% which is 1.2

1.2 times x = 140

To solve for x, divide both sides of the equation by 1.2

Thank you for explaining.

To determine the old price (last year's price) for a 100-ft spool of copper wire, we can use the information given in the question.

The question states that the price increased by 20% this year to $144. Therefore, the price this year is 120% of the old price.

Let's assume the old price is represented by x.
We can set up the equation:
x + 0.2x = 144

Combining like terms, we have:
1.2x = 144

Next, we divide both sides of the equation by 1.2 to isolate x:
x = 144 / 1.2

Evaluating the expression on the right side, we find:
x = 120

Therefore, the old price (last year's price) for a 100-ft spool of wire was $120.

So, the correct answer is $120.