math word problem

Question

During this year, the budget has increased by 5 %. This increased budget is $ 47,250 . How much was the budget in the past, before the increase?

If necessary, round to the nearest dollar. Enter the answer without any commas.

Answer 1

47250 = 1.05 times original budget = OB

OB = 47250/1.05 = $45,000

45,000 x 5% = 2,250

45,000 + 2,250 = 47,250