Question 539543
The question's asking for what the previous year's salary is, so we'll make that our "X." Essentially, all we know is that (last year's salary) + 4% of (last year's salary) is $29,120. To make that into an equation we can solve, substitute "X" for "last year's salary":
{{{x+.04x=29120}}}
Add your x's together
{{{1.04x=29120}}}
and solve for x
{{{1.04x/1.04=29120/1.04}}}
{{{x=29120/1.04=28000}}}
So last year, Penny made $28,000.