Question

At ​$1.22 million​, they closed last month for...20 percent above what they paid in​ 2007." How much did they pay in​ 2007

Answer 1

Answer:

$1.02 million

Step-by-step explanation:

Given

$Amount = \ 1.22\ million$

$\%\ increase = 20\%$

Required

Determine the amount in 2007

Let the amount in 2007 be represented with x.

The relationship between these parameters is:

$1.22\ million = x + 20\%\ of\ x$

$1220000 = x + 20\% * x$

$1220000 = x + 0.20* x$

$1220000 = x + 0.20x$

$1220000 = 1.20x$

Divide both sides by 1.20

$\frac{1220000}{1.20} = x$

$1016666.67 = x$

$x = 1016666.67$

Hence, they paid $1.02 million in 2007