Answer:
$2673
Step-by-step explanation:
Let x represent average cost of car 50 years ago.
We have been given that over the last 50 years, the average cost of a car has increased by a total of 1,094%. The average cost of a car today is $31,918. We are asked to find the average cost 50 years ago.
We can represent our given information in an equation as:
[tex]x+1,094\%\text{ of } x=\$31,918[/tex]
[tex]x+\frac{1,094}{100}* x=\$31,918[/tex]
[tex]x+10.94x=\$31,918[/tex]
[tex]11.94x=\$31,918[/tex]
[tex]\frac{11.94x}{11.94}=\frac{\$31,918}{11.94}[/tex]
[tex]x=\$2673.1993299[/tex]
[tex]x\approx \$2673[/tex]
Therefore, the average cost of the car 50 years ago was $2673.
