"at $1.31 million, they closed last month percent above what they paid in 2007." how much did they pay in 2007?

$1.0234375 million or $1,023,437.5

Step-by-step explanation:

Let x represent the amount paid in 2007.

We have been given that at $1.31 million, they closed last month for...28 percent above what they paid in 2007." We are asked to find the amount paid in 2007.

The amount paid in last month would be x plus 28% of x.

Let us equate the price paid last month by as:

Since our given amount is in millions, so we can convert into dollars.

1 million = 1,000,000.

Therefore, they paid $1.0234375 million or $1,023,437.5 in 2007.