Contributions to the annual Grayson School fund raising campaign were 10% greater in 2004 that they were in 2003. In 2003, contributions were 15% greater than they were in 2002. If contributions for 2004 total $8855, what was the total in 2002? (remember to put your answer in dollars and cents)
contributions in 2002 ----
contributions in 2003 ---- 1.15x
contributions in 2004 ---- (1.1)(1.15x)
(1.1)(1.15x) = 8855
solve for x
To find the total contributions in 2002, we need to follow the given information and work backwards.
Let's start by calculating the contributions in 2003. We are told that contributions in 2003 were 15% greater than in 2002.
Let's assume the contributions in 2002 were x dollars. Thus, the contributions in 2003 were x + 15% of x.
Therefore, in 2003, contributions were (x + 0.15x) dollars, which simplifies to 1.15x dollars.
Now, let's move on to the contributions in 2004. We are told that contributions in 2004 were 10% greater than in 2003.
Therefore, in 2004, contributions were 1.10 times the contributions in 2003.
So, the contributions in 2004 were 1.10 * 1.15x dollars.
Given that the total contributions in 2004 were $8855, we can set up the equation:
1.10 * 1.15x = $8855
To solve for x, we can divide both sides of the equation by 1.10 * 1.15:
x = $8855 / (1.10 * 1.15)
x ≈ $6924.77 (rounded to the nearest cent)
Therefore, the total contributions in 2002 were approximately $6924.77.