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This year Southwest Consulting budgeted $198,000 for research and development, which was 6% less than last...

This year Southwest Consulting budgeted $198,000 for research and development, which was 6% less than last year. What was last year's research and development budget? Your answer should be rounded to the nearest cent.

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Answer #1

Last year research and development budget:-

=Current year budget/(1-6%)

=198000/94%

=210638.30

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