Maria's Fundraising Ticket Sales

Maria is participating in a fundraising event. She has a goal to collect a total of $400. For every ticket she sells, she earns $8, and she has already received a sponsorship of $120.

Let x represent the number of tickets Maria needs to sell. Write an equation to represent the total amount of money Maria collects from ticket sales and sponsorship.

Set up the equation and solve for x: $$8x + 120 = 400$$. Provide your answer as a decimal to the nearest hundredth.