Question

Due to increased mailing costs, the new rate will cost publishers $73,000,000; this is 11.5% more than they paid the previous year. How much did it cost publishers last year?

Answer 1

It cost the publishers $65,470,852.02 last year.

Explanation:

Since the $73,000,000 cost is 11.5% more than the publishers original cost, we can sole this problem using the percentage increase formula, which is given by:

`P=((N-O)/(O))*100`, where

• P represents the percentage increase,
• N represents the new amount (i.e., $73,000,000 in this case),
• and O represents the old amount.

Thus, we can determine the old amount (O) by substituting 11.5 for P and 73,000,000 for N in the percentage increase formula:

`(11.5=((73000000-O)/(O))*100) / 100\\\\(0.115=(73000000-O)/(O))*O\\\\(0.115O=73000000-O)+O\\\\(1.115O=73000000)/1.115\\\\O=65470852.02`

Thus, it cost the publishers $65,470,852.02 last year.