show your work answering the following two questions.\na) philip earns $82,000 per year. if he gets a 3%…
show your work answering the following two questions.\na) philip earns $82,000 per year. if he gets a 3% increase in salary, what will be his new salary?\nb) 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: Calculate the increase amount for Philip
The increase amount is 3% of $82000. So, the increase amount $= 82000\times0.03=2460$.
Step2: Calculate Philip's new salary
The new salary is the original salary plus the increase amount. So, new salary $=82000 + 2460=84460$.
Step3: Calculate the increase amount for Don
The increase amount for Don is $125000 - 120000 = 5000$.
Step4: Calculate Don's percentage increase
The percentage increase formula is $\frac{\text{increase amount}}{\text{original amount}}\times100%$. So, the percentage increase $=\frac{5000}{120000}\times 100%\approx 4.17%$.
Answer:
a) $84460.00 b) $4.17%$