$340,000 in budget for 210 employees inyr 1988, in1989 there were 267 employees with same budget. What should've been budget for 1989 and what was % of change from 1988 to 1989? Show me the formula for the answer

Nicole:

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To calculate the budget for 1989, we need to assume that the budget per employee remains the same.

First, let's find the budget per employee in 1988. We divide the total budget of $340,000 by the number of employees in 1988:

Budget per employee in 1988 = $340,000 / 210 ≈ $1,619.05

Next, we can use the budget per employee to find the budget for 1989. We multiply the budget per employee by the number of employees in 1989:

Budget for 1989 = Budget per employee * Number of employees in 1989
Budget for 1989 = $1,619.05 * 267 ≈ $432,564.35

To calculate the percentage change from 1988 to 1989, we use the following formula:

Percentage change = (New value - Old value) / Old value * 100

Percentage change = (Budget for 1989 - Budget for 1988) / Budget for 1988 * 100
Percentage change = ($432,564.35 - $340,000) / $340,000 * 100 ≈ 27.22%

Therefore, the budget for 1989 would have been approximately $432,564.35, and there was an increase of approximately 27.22% from 1988 to 1989.