Problema Solution
The inflation rate in 2011 was 3.343.34%. Use this rate to find what salary at the end of 2010 would be equivalent to a $4040,000 salary at the end of 2011
Answer provided by our tutors
Let 'x' represent the salary at the end of 2010.
Assuming the inflation is 3.3434% we have:
x + 0.033434x = 4040
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click here to see the equation solved for x
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x = $3,909.30
The salary at the end of 2010 was $3,909.30.