Hello,
I am trying to come up with a formula (or use an existing one) to calculate a certain percentage (known) of an unknown number to give a known result.
For example, a problem might come in this form: 2.9% of this number is equal to 675. What is the number?
Any ideas?
Edit: Sorry, I just noticed I posted this in the wrong forum. (I misread Calculator for Calculation). Please delete!
Thank you for your effort pickslides. While what you did did not solve what I seek, it helps me realize what I have been doing wrong. I have done what you suggested before and could not understand why I was not getting the result I was supposed to until I saw what you did (which I did - funny!).
I use paypal for online payment of a small business that I run. PayPal takes a 2.9% plus $0.30 fee off of every payment I receive. For the purpose of figuring out the formula, I decided to first work with the 2.9%. So I need to create a formula to calculate that 2.9% and add it as a processing fee to the client. That way, I will still get the target payment. So my question really is, what number I can take 2.9% off of it that will equal to 675.
So my formula would be:
My math is rusty, is this accurate?
I totally understand the context of the proplem. My Girlfriend is a powerseller on EBay and uses Palpay in majority of her transactions.
Given this I am still a little unsure on what you are exactly trying to achieve. Let me guess.
You have a selling price in mind in dollars. You want to pass on the paypal fee to the seller therefore you need to inflate your selling price? I.e new selling price is
I will have some set amounts depending on the package. Say I have 10 packages, each one will have a specific price.
Now, I do want to inflate the set price of any given package with the PayPal fee (2.9% + 0.30).
The billing invoice will look similar to this.
1. Package ------------------ $75.00
2. Processing Fee------------ The Value of 2.9%(of the overall price) + $0.30
Total (overal price)-------- The Value of 1 + 2
------------------------------------------------------
Working backwards, suppose I had the overall price and it was $75.00. PayPal would take 2.9%+0.30 off of the 75.00 and the remaining will be mine.
It will be like this:
1. Package 1 ---------------- $75.00
2. PayPal Fee -------------- $2.47
Balance --------------------- $72.52
Now, I do not want to be getting 72.52, I want my whole 75.00 dollars. So if I can figure out a way to compute the paypal fee when the I know the set price, I can charge my customers the set price + the paypal fee as opposed to just the set price.