SOLUTION: The cost of living went up 4% last year. Fortunently Alice Swanson got a 4% raise in her salary from last year. This year she is making $50,870. How much was she making last year?

Question 278276: The cost of living went up 4% last year. Fortunently Alice Swanson got a 4% raise in her salary from last year. This year she is making $50,870. How much was she making last year?
Will you please show me the formula used in solving this problem? There will surely be more questions like this on my test tomorrow and I can not remember what to do.
Thank you in advance!
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
50870/1.04=$48,913.46
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