A student received a cash prize of $3000, which is 60% of the total prize money.

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Question: A student received a cash prize of $3000, which is 60% of the total prize money. What is the total prize money?

Options:

Correct Answer: $6000

Solution:

Total prize money = $3000 / 0.60 = $5000.

A student received a cash prize of $3000, which is 60% of the total prize money. What is the total prize money?

A student received a cash prize of $3000, which is 60% of the total prize money. What is the total prize money?

Step 1: Understand that the student received $3000, which is 60% of the total prize money.
Step 2: To find the total prize money, we need to divide the amount the student received by the percentage (in decimal form).
Step 3: Convert 60% to decimal form. 60% is the same as 0.60.
Step 4: Use the formula: Total prize money = Amount received / Percentage in decimal.
Step 5: Plug in the numbers: Total prize money = $3000 / 0.60.
Step 6: Calculate the total prize money: $3000 divided by 0.60 equals $5000.

Percentage Calculation – Understanding how to calculate the total amount from a given percentage of that amount.