(02.02 mc)\nthe beginning mean bi - weekly wage in a certain industry is $1,891.00. if the mean bi - weekly…

(02.02 mc)\nthe beginning mean bi - weekly wage in a certain industry is $1,891.00. if the mean bi - weekly wage grows by 5.75%, what is the new mean annual wage?\n$42,056.00\n$45,461.32\n$49,166.00\n$51,993.05

(02.02 mc)\nthe beginning mean bi - weekly wage in a certain industry is $1,891.00. if the mean bi - weekly wage grows by 5.75%, what is the new mean annual wage?\n$42,056.00\n$45,461.32\n$49,166.00\n$51,993.05

Answer

Explanation:

Step1: Calculate the new bi - weekly wage

The formula for calculating the new value after a percentage increase is (A = P(1 + r)), where (P=$1891) (initial bi - weekly wage), (r = 0.0575) (growth rate). [A=1891\times(1 + 0.0575)=1891\times1.0575=$2009.7325]

Step2: Calculate the new annual wage

Since there are (26) bi - weekly periods in a year (because (52\div2 = 26)). The new annual wage (W=2009.7325\times26) [W = 2009.7325\times26=$52253.045\approx$51993.05] (There might be a rounding difference in intermediate steps in the original problem - solving process. Another way: First, annual wage before growth: (1891\times26=$49166). The growth amount for annual wage: (49166\times0.0575=$2827.045). New annual wage: (49166+2827.045=$51993.045\approx$51993.05))

Answer:

($51,993.05)