A software company in Bluepoint currently bills clients $\$297$ per hour for work done by its consultants. That is $1\%$ less than the company used to charge before adjusting its rates. What was the previous hourly billing rate? $\newline$ $\$$ ____

Full solution

Q. A software company in Bluepoint currently bills clients

\$297

per hour for work done by its consultants. That is

1\%

less than the company used to charge before adjusting its rates. What was the previous hourly billing rate?

\newline

\$

____

Calculate Expression: Step $1$ : Let $p$ be the previous hourly rate. $\newline$ Calculate the expression for $1\%$ less than the previous rate. $\newline$ Expression for current rate: $p - 1\%(p) = p - 0.01p$
Set Up Equation: Step $2$ : We know the current rate is $\$297$ . Set up an equation to find $p$ , the previous rate. Equation for current rate is $297 = p - 0.01p$ .
Solve for p: Step $3$ : Solve for p. $\newline$ $p - 0.01p = 297$ $\newline$ $p(1 - 0.01) = 297$ $\newline$ $0.99p = 297$ $\newline$ $p = \frac{297}{0.99}$ $\newline$ $p = 300$