Answer:
$169,518
Step-by-step explanation:
To solve this problem, we need to figure out what last year's sales were. The information in the question tells us that last year's sales was 3% higher than this year's sales. We can use a percentage formula as shown below to solve this problem. Don't forget to change 3% into its decimal form (3% -> [tex]\frac{3}{100}[/tex] -> .03):
[tex]P(1+r)[/tex]
P = initial value
r = rate
Now lets plug in the values given in the question:
[tex]164,581(1+.03)[/tex]
[tex]164,581(1+.03) = 169,518[/tex]
The answer for last year's sales is going to be $169,518.
