Translate the following verbal statement into an algebraic equation and then solve:
Farzad saves 16% of his paycheck every month. Last month he saved $318.4. How much was his paycheck? Use `p` for your variable.

Equation `\ \ `  

`p=\ `  

Box 1: Enter your answer as an equation. Example: y=3x^2+1, 2+x+y=3
Be sure your variables match those in the question

Box 2: Enter your answer as a number (like 5, -3, 2.2172) or as a calculation (like 5/3, 2^3, 5+4)
Enter DNE for Does Not Exist, oo for Infinity