Question

Over the last 50 years, the average cost of a car has increased by a total of 1,094%. If the average cost of a car today is $31,918, how much was the average cost 50 years ago

Answer 1

Answer:

$2673

Step-by-step explanation:

Let x represent average cost of car 50 years ago.

We have been given that over the last 50 years, the average cost of a car has increased by a total of 1,094%. The average cost of a car today is $31,918. We are asked to find the average cost 50 years ago.

We can represent our given information in an equation as:

$x+1,094\%\text{ of } x=\ 31,918$

$x+\frac{1,094}{100}* x=\ 31,918$

$x+10.94x=\ 31,918$

$11.94x=\ 31,918$

$\frac{11.94x}{11.94}=\frac{\ 31,918}{11.94}$

$x=\ 2673.1993299$

$x\approx \ 2673$

Therefore, the average cost of the car 50 years ago was $2673.