business xyz has the following projected budget and actual budget for a given month: budget actual payroll…

business xyz has the following projected budget and actual budget for a given month: budget actual payroll $30,000 $29,000 inventory $13,000 $13,800 rent $8,000 $7,700 services $5,000 $4,750 calculate the percent change that payroll is under budget. %δ = ?% answer as a percent rounded to the nearest tenth.

business xyz has the following projected budget and actual budget for a given month: budget actual payroll $30,000 $29,000 inventory $13,000 $13,800 rent $8,000 $7,700 services $5,000 $4,750 calculate the percent change that payroll is under budget. %δ = ?% answer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Identify the formula for percent - change

The formula for percent change is $% \Delta=\frac{\text{Budget}-\text{Actual}}{\text{Budget}}\times 100%$.

Step2: Substitute the values for payroll

For payroll, the budget is $$30,000$ and the actual is $$29,000$. Substitute these values into the formula: $% \Delta=\frac{30000 - 29000}{30000}\times 100%$.

Step3: Calculate the numerator

$30000−29000 = 1000$. So the expression becomes $\frac{1000}{30000}\times 100%$.

Step4: Simplify the fraction and multiply by 100%

$\frac{1000}{30000}=\frac{1}{30}$, and $\frac{1}{30}\times 100%=\frac{100}{30}% \approx 3.3%$.

Answer:

$3.3%$