Due to a slump in the​ economy, a mutual fund has dropped by​ 30% from last year to this year. If the fund is now worth ​$​11795, how much was the fund worth last​ year?

Answer 1

Suppose it was worth x last year

If we reduce x by 30% , as 30% = 30/100 = 0.3, we multiply x by (1 - 0.3)

So x (1 - 0.3) = 11795

So 0.7x = 11795

So x = 11795 / 0.7