Question

question 1
the beginning mean wage in a certain industry is $1,640.00. if the mean wage grows by 3.375%, what is the new mean wage?
$17,340.90
$18,740.40
$1,695.35
$14,939.60

Explanation:

Step1: Convert percentage to decimal

$3.375\%=0.03375$

Step2: Calculate the growth amount

The growth amount is the original mean - wage times the growth rate. So, $1640\times0.03375 = 55.35$

Step3: Calculate the new mean - wage

The new mean - wage is the original mean - wage plus the growth amount. So, $1640 + 55.35=1695.35$

Answer:

$1695.35$