In 2013, the price of a business math text rose to $120. This is 10% more than the 2012 price. What was the old selling price?
1.1x = 120
Solve for x.
132.20
To find the original selling price, we can use the concept of percentage increase. Here's how you can calculate the old selling price:
Step 1: Determine the percentage increase
To find the percentage increase, we need to subtract the original price from the new price and divide it by the original price, then multiply by 100.
Percentage increase = ((New price - Old price) / Old price) * 100
Step 2: Set up the equation
Let's assume the old selling price is "x". According to the problem, the new price is $120, which is 10% more than the old price.
10% of the old selling price = 10/100 * x = 0.10x
Step 3: Set up the equation using percentage increase
The percentage increase is given as 10% of the old selling price, so we can set up the equation as:
x + 0.10x = $120
Step 4: Simplify and solve the equation
Combine like terms on the left side of the equation:
1.10x = $120
To solve for x, divide both sides of the equation by 1.10:
x = $120 / 1.10
x ≈ $109.09
Therefore, the old selling price of the business math text book was approximately $109.09.