The actual expenses for the most recent fiscal quarter were 121% of budgeted expenses. If the budgeted expenses were $76,570 then what were the actual expenses? (round to the nearest cent).
1.21x = 76,570
x = ?
$63,280.99
That's right!
To find the actual expenses, we can calculate 121% of the budgeted expenses.
Step 1: Convert the percentage to decimal form by dividing it by 100.
121% ÷ 100 = 1.21
Step 2: Multiply the budgeted expenses by the decimal value we calculated in Step 1.
$76,570 x 1.21 = $92,591.70
Therefore, the actual expenses for the most recent fiscal quarter were approximately $92,591.70 (rounded to the nearest cent).