Question

1. (02.01 lc)

for a certain industry, the mean annual salary rose from $59,760 to $63,390. calculate the percent of increase. round to the nearest tenth. (2 points)
6.1%
6.0%
6.2%
5.7%

1. (02.01 mc)

the median weekly income for someone with a high school diploma was $678.00. if they continued their education and obtained a bachelors degree, their median weekly income increased about 67.7%. determine the median weekly income for someone with a bachelors degree. (2 points)
$799.45
$568.51
$218.99
$1,137.01

Explanation:

Step1: Calculate the amount of increase for the first - part

The formula for the amount of increase is $\text{Increase}=\text{New Value}-\text{Original Value}$.
For the mean annual salary problem, the original value is $59760$ and the new value is $63390$. So, $\text{Increase}=63390 - 59760=3630$.

Step2: Calculate the percent of increase for the first - part

The formula for percent of increase is $\text{Percent Increase}=\frac{\text{Increase}}{\text{Original Value}}\times100\%$.
Substitute the values: $\text{Percent Increase}=\frac{3630}{59760}\times 100\%\approx 6.1\%$.

Step3: Calculate the median weekly income for the second - part

The formula for finding the new value when there is a percentage increase is $\text{New Value}=\text{Original Value}\times(1 + \text{Percent Increase as a decimal})$.
The original median weekly income for a high - school graduate is $678$ and the percent increase is $67.7\%=0.677$.
So, $\text{New Value}=678\times(1 + 0.677)=678\times1.677 = 1137.006\approx1137.01$.

Answer:

1. A. $6.1\%$
2. D. $\$1,137.01$