SOLUTION: Mitsuko’s salary for next year is $44,940. This represents a 7% increase over this year’s salary. Find Mitsuko’s present salary. Can someone help please? I know t

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Question 647289: Mitsuko’s salary for next year is $44,940. This represents a 7% increase over this year’s salary. Find Mitsuko’s present salary.

Can someone help please?
I know the answer is $42,000 but I cant figure out how this was done?
I tried by subtracting 100%-7% which I get .93, then I multiplied it by 44,940 thinking I would get 42,000 but I'm doing something wrong, what am I missing?
thank you.
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi,

Mitsuko’s  salary  for  next  year  is  $44,940.  This  represents a 7% increase over this year’s  salary.

Best to Set Up it Up Algebraicly...

Question states***

 P + .07P = 44940

P(1 + .07) = 44940

   

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