payed = received / (1 - 3%) = received / 0.97.
I am trying to come up with a formula for an excel spreadsheet.
What I know is the amount received for a product. Say $261.90. I also know that the fee was 3%. What I want to find out is how much was actually paid. (For this instance it should be $270 but I don't know that yet. That is what I want to find out.)
Any suggestions on a simple formula?
Thank you, CK