An accountant earns $3,480 per month after receiving a 5% raise. What was the accountant's monthly income before the raise? (Round your answer to the nearest cent.)

$3,480 are 105%

so you divide $3,480 by 105 and then multiply it by 100, because you want to know what amount it was before it was raised 5%

To find the accountant's monthly income before the raise, we need to reverse the 5% increase and calculate the original income.

Step 1: Calculate the raise amount:
The raise amount is given as 5% of the original income. Let's denote the original income as "x".
Raise amount = 5% of x = 0.05 * x

Step 2: Calculate the new income after the raise:
The new income is the original income (x) plus the raise amount:
New income = x + 0.05 * x = 1.05 * x

Step 3: Set up an equation:
We are given that the new income is $3,480. So we can set up the equation:
1.05 * x = 3,480

Step 4: Solve the equation for x:
Divide both sides of the equation by 1.05 to isolate x:
x = 3,480 / 1.05

Using a calculator, we find:
x ≈ 3,314.29

Therefore, the accountant's monthly income before the raise was approximately $3,314.29.