The Wall street journal reported on september 19 2008 that fedex crop in response to a 22% decline in net income for its first fiscal quarter will raise prices in january, cut capital spending, park aircraft, freeze most hiring and trim employees hours. fed ex announcedon march 2 2009 an average increase of 6.9% for US services to help offset a reduction in business effective immediately. If fedex first overnight package cost $67.41 for a 1 pound package to ship today what did it cost to ship before the increase? round to the nearest cent

Question

The Wall street journal reported on september 19 2008 that fedex crop in response to a 22% decline in net income for its first fiscal quarter will raise prices in january, cut capital spending, park aircraft, freeze most hiring and trim employees hours.  fed ex announcedon march 2 2009 an average increase of 6.9% for US services to help offset a reduction in business effective immediately.  If fedex first overnight package cost $67.41 for a 1 pound package to ship today what did it cost to ship before the increase?  round to the nearest cent

paxpolaris · Answer

$$\Large {100 +6.9 \over 100} = {67.41 \over x}$$

anonymous · Answer

I don't really undestand that but the original answer that I got is 62.79

paxpolaris · Answer

the only information that matters is that a 6.9% increase brought the cost to $67.41 . 
then find the original cost:

so 106.9% of what number is 67.41:

$$x = {67.41 \times 100 \over 106.9} $$

paxpolaris · Answer

i got slightly above 63

anonymous · Answer

where do you get the 100 from?

paxpolaris · Answer

% means out of 100

paxpolaris · Answer

I just re-wrote the first equation i gave ... solving for x

you could also do 67.41/1.069

anonymous · Answer

oh ok i got you thanks for the help