SOLUTION: After a salesman recieves a 5% raise, his new salary is $40,530. What is his old salary? Write equation and solve.

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Question 499577: After a salesman recieves a 5% raise, his new salary is $40,530. What is his old salary?
Write equation and solve.
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
After a salesman recieves a 5% raise, his new salary is $40,530. What is his old salary?
.
Let x = old salary
then
x + .05x = 40530
x(1 + .05) = 40530
x(1.05) = 40530
x = $38600