Donations to an annual fundraiser are 15% greater this year than last year. Last year, donations were 10% greater than the year before. The amount raised this year was $10,120. How much was raised 2 years ago?
x * 1.10 * 1.15 = 10120
To find out how much was raised 2 years ago, we need to go step by step. Let's start by finding out the amount raised last year.
Let the amount raised 2 years ago be x.
According to the given information, last year's donations were 10% greater than the year before. This means that the amount raised last year would be x + (10/100)x = 1.1x.
Now, we know that this year's donations are 15% greater than last year's. Hence, this year's amount raised is 1.15 times the amount raised last year.
Let's calculate the amount raised last year:
1.15 * (1.1x) = $10,120
Simplifying the equation, we have:
1.265x = $10,120
Dividing both sides of the equation by 1.265, we get:
x = $10,120 / 1.265
Evaluating the expression on the right side:
x ≈ $7,999.21
Therefore, approximately $7,999.21 was raised 2 years ago.