business xyz has the following projected budget and actual budget for a given month:\n| | budget | actual…

business xyz has the following projected budget and actual budget for a given month:\n| | budget | actual |\n|--|--|--|--|\n| payroll | $24,000 | $25,275 |\n| inventory | $12,700 | $12,100 |\n| rent | $7,500 | $7,700 |\n| services | $5,000 | $5,100 |\ncalculate the percent change that services is over budget.\n%δ = ?%\nanswer as a percent rounded to the nearest tenth.

business xyz has the following projected budget and actual budget for a given month:\n| | budget | actual |\n|--|--|--|--|\n| payroll | $24,000 | $25,275 |\n| inventory | $12,700 | $12,100 |\n| rent | $7,500 | $7,700 |\n| services | $5,000 | $5,100 |\ncalculate the percent change that services is over budget.\n%δ = ?%\nanswer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Identify the formula for percent - change

The formula for percent change is $% \Delta=\frac{\text{Actual}-\text{Budget}}{\text{Budget}}\times100%$.

Step2: Identify the budget and actual values for Services

For Services, the budget is $$5000$ and the actual is $$5100$.

Step3: Substitute the values into the formula

$% \Delta=\frac{5100 - 5000}{5000}\times100%$. First, calculate the numerator: $5100−5000 = 100$. Then, $\frac{100}{5000}\times100%=0.02\times100%$.

Step4: Calculate the result

$0.02\times100% = 2.0%$

Answer:

$2.0%$