Find last year's salary

Question

Find last year's salary if after a 3% pay raise, this year's salary is $55,620

Answer 1

Here's what we know:

x + 0.03x = 55620 (the former salary plus the pay raise is 55620)

 

combine like terms:

1.03x = 55620

Divide by 1.03:

x = 54000

 

Last year's salary was 54 thousand dollars.