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Math Help - equation

  1. #1
    Member Mr Rayon's Avatar
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    Talking equation

    Well, I have 20 mins, here is my math problem. The assets of Australia's major banks increased by 8% to 1350 billion dollars in 2005. How many billion dollars were the major banks' assets in 2004?


    EDIT: Any help will be appreciated!!!
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  2. #2
    Grand Panjandrum
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    Quote Originally Posted by Mr Rayon View Post
    Well, I have 20 mins, here is my math problem. The assets of Australia's major banks increased by 8% to 1350 billion dollars in 2005. How many billion dollars were the major banks' assets in 2004?


    EDIT: Any help will be appreciated!!!
    Let the assets in 2004 be $x billion, then the assets in 2005 are: x+0.08x=1.08x=1350.

    RonL
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  3. #3
    Member Mr Rayon's Avatar
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    ...I don't get it.
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  4. #4
    Grand Panjandrum
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    Quote Originally Posted by Mr Rayon View Post
    ...I don't get it.
    If I have x billion dollars, and then it increases by 8% I then have x+(8% of x)

    8% of x is 0.08x, so I now have (1.08)x.

    But we are told that this is 1350 billion, so:

    1.08x=1350

    or x=1350/1.08

    RonL
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