b) don earned $120,000 last year and this year he earns $125,000. what was his percentage increase in salary…

b) don earned $120,000 last year and this year he earns $125,000. what was his percentage increase in salary (rounded to 2 decimal places)?

b) don earned $120,000 last year and this year he earns $125,000. what was his percentage increase in salary (rounded to 2 decimal places)?

Answer

Explanation:

Step1: Find the amount of increase

$125000 - 120000=5000$

Step2: Calculate the percentage increase

The formula for percentage increase is $\frac{\text{increase}}{\text{original amount}}\times 100%$. So, $\frac{5000}{120000}\times 100%=\frac{500000}{120000}% \approx 4.17%$

Answer:

$4.17%$