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| payroll | $24,500 | $25,475 |\n| inventory | $12,700 | $12,200 |\n| rent | $7,400 | $7,800 |\n| services | $5,000 | $5,300 |\ncalculate the percent change that payroll 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| payroll | $24,500 | $25,475 |\n| inventory | $12,700 | $12,200 |\n| rent | $7,400 | $7,800 |\n| services | $5,000 | $5,300 |\ncalculate the percent change that payroll is over budget.\n%δ = ?%\nanswer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Find the difference between actual and budgeted payroll

$25475 - 24500=975$

Step2: Calculate the percent - change formula

The percent - change formula is $%\Delta=\frac{\text{Actual}-\text{Budget}}{\text{Budget}}\times100%$. Substitute the values: $\frac{975}{24500}\times 100%$. $\frac{975}{24500}\times100=\frac{97500}{24500}\approx 3.98$

Step3: Round to the nearest tenth

Rounding $3.98$ to the nearest tenth gives $4.0$.

Answer:

$4.0$