find last years salary if after 4% pay raise , this salary is 38,480

Question

e.cociuba · Answer

Last years salary = L
So we have a 4% pay raise...Let R be the Raise. R = 4% times L
Last years salary + Raise = New Salary
New Salary = 38,480

so 38,480 = L + 4%L

38,480 = L(1 + 4%)

e.cociuba · Answer

But what is 1 + 4%? We know 100% = 1 and 50% = .5 (one half) so to convert percentage to a fraction is move the decimal place. Since we have 4% we can say 4.0 with the decimal place moved left two spaces which is .04 That 0 is VERY important otherwise you have 40%! 
So 4% = .04 1+.04 = 1.04
38,480 = 1.04 * L 
Use your calculator to help you through the rest.

anonymous · Answer

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e.cociuba · Answer

Hope it helped. Good luck.