BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your salary increased from $42, 420 to $43, 884. Calculate the amount of increase in your salary.
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-$1, 464
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$1, 464
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$122
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Explanation:
Detailed explanation-1: -To calculate a 5% pay raise, you only have to multiply the percentage of the increase (in decimals) by your current salary and add your current salary. So, assuming your monthly salary is $1, 000, a 5% increase will be 0.05 multiplied by $1, 000 plus the current salary, resulting in $1, 050.
Detailed explanation-2: -Here is an example to help you understand: Suppose your monthly salary was ₹30, 000 and your new salary is ₹36, 000. The salary increase would be ₹35, 000-₹30, 000 = ₹6, 000. Here, the hike percentage would become (₹6, 000100) / ₹30, 000 = 20%.
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