This year an item cost $106, an increase of 10% over last years price, what was last years price?

Question

I need help on how to work this problem out.

 

Answer 1

Let x = last year's price

 

Then x + 0.10x = 106

 

                1.1x = 106

 

                    x = $96.36

Answer 2

x is last years price

x + 10%x is this years cost

 

x + 10%x = 106

x + 0.1x = 106

1.1x = 106

x ≈ 96.363

 

Last years price was approximately $96.36

 

Check

 

96.36 + 0.1(96.36)

96.36 + 9.636

105.999636