Question

(02.02 lo)
the beginning mean wage in a certain industry is $91,840.00. if the mean wage grows by 3.375%, what is the new mean wage?

$87,543.90
$88,740.40
$93,465.35
$94,909.60

Explanation:

Step1: Convert percentage to decimal

The growth rate $3.375\%$ is converted to decimal as $0.03375$.

Step2: Calculate the growth amount

The growth amount is the product of the initial mean - wage and the growth - rate decimal. So, $91840\times0.03375 = 91840\times\frac{3.375}{100}=3094.65$.

Step3: Calculate the new mean wage

The new mean wage is the sum of the initial mean wage and the growth amount. So, $91840 + 3094.65=94934.65$.

Answer:

$94934.65$ (It seems there is a mistake in the provided options as the correct answer based on the calculation is $94934.65$ and it does not match any of the given options.)