Based on the amount the convenience store owner paid in rent, his sales in the last year must have been $475,000.
Annual fixed rent
= 1,500 x 12
= $18,000
Annual rent less fixed rent
= 30,000 - 18,000
= $12,000
Sales in past year
This means that $12,000 represented 3% of the amount that the store owner sold over $75,000 in the past year.
That amount would be:
= 12,000 / 3%
= $400,000
Total sales would be:
= 400,000 + 75,000
= $475,000
In conclusion, last year sales were $475,000.
Find out more on sales at https://brainly.com/question/24429956.
