SOLUTION: I can't figure out how to set this problem up. I tried .3x=12950 but i know that's wrong because it's 30% of the new total and not the original principle. please help. All I need i

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Question 833727: I can't figure out how to set this problem up. I tried .3x=12950 but i know that's wrong because it's 30% of the new total and not the original principle. please help. All I need is to know how to set it up and then I can solve it.
here is the problem:
Due to a slump in the economy, a mutual fund has dropped by 30% from last year to this year. If the fund is now worth $12,950, how much was the fund worth last year?
thank you.
Answer by josgarithmetic(39618) About Me  (Show Source):
You can put this solution on YOUR website!
Dropped 30%, currently at 12950 having dropped that 30%.

P-%2830%2F100%29P=12950, and you would solve for P, the value of last year.