Answer:
$34,505
s = --------------- = $33,500
1.03
Step-by-step explanation:
Last year's salary was 1.00 s.
A 3% pay raise would thus amount to 0.03s.
This would equal this year's salary: $34,505.
Thus, 1.03s = $34,505; find s, which was last year's salary.
Dividing both sides by 1.03, we get:
$34,505
s = --------------- = $33,500
1.03
