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)
Let n be the amount contributed in 2002. In 2003, the contributions were 15% greater, or 1.15n. In 2004, the contributions were 10% greater than that, or 1.1(1.15)n. So:
1.265n=8855
n=7000
☺☺☺☺
To find the total contributions in 2002, we need to follow a step-by-step approach.
Let's start by finding the total contributions in 2003.
Step 1: Calculate the increase in contributions from 2002 to 2003.
If contributions in 2003 were 15% greater than in 2002, we can use the formula: increase = percentage/100 * original amount.
So, the increase in contributions from 2002 to 2003 is 15/100 * x (where x represents the contributions in 2002).
Step 2: Calculate the total contributions in 2003.
Total contributions in 2003 = contributions in 2002 + increase.
Total contributions in 2003 = x + 15/100 * x = 1.15x.
Step 3: Calculate the increase in contributions from 2003 to 2004.
If contributions in 2004 were 10% greater than in 2003, we can use the same formula as before.
The increase in contributions from 2003 to 2004 is 10/100 * (1.15x) = 0.115x.
Step 4: Calculate the total contributions in 2004.
Total contributions in 2004 = contributions in 2003 + increase.
Total contributions in 2004 = 1.15x + 0.115x = 1.265x.
We are given that the total contributions in 2004 are $8855.
So, we can write the equation: 1.265x = $8855.
Now, we can solve for x (the total contributions in 2002):
x = $8855 / 1.265.
Calculating x, we find:
x ≈ $6987.36.
Therefore, the total contributions in 2002 were approximately $6987.36.