Richard earns $2700 a month. He received a 3% raise. what is Richard's new annual salary?
well you need to find his original annual rate 2700 * 12 = 32400
then we know that 3%= .03 therefore we multiply 32400*.03=972
then add 972+32400=$33372
To find Richard's new annual salary, we need to calculate the raise amount and add it to his current annual salary.
Step 1: Calculate the raise amount:
The raise percentage is 3%, so we can calculate the raise amount by multiplying Richard's current monthly salary by 3%:
Raise amount = $2700 * 3% = $81
Step 2: Calculate the new monthly salary:
To calculate Richard's new monthly salary, we need to add the raise amount to his current monthly salary:
New monthly salary = $2700 + $81 = $2781
Step 3: Calculate the new annual salary:
Finally, to calculate Richard's new annual salary, we multiply his new monthly salary by 12 months:
New annual salary = $2781 * 12 = $33,372
Therefore, Richard's new annual salary is $33,372.
To calculate Richard's new annual salary, we first need to find out how much his monthly salary increased by due to the 3% raise.
Step 1: Calculate the raise amount
To find the raise amount, we multiply Richard's monthly salary by the raise percentage:
Raise amount = (3/100) * $2700 = $81
Step 2: Calculate the new monthly salary
To find Richard's new monthly salary, we add the raise amount to his old monthly salary:
New monthly salary = $2700 + $81 = $2781
Step 3: Calculate the new annual salary
To find Richard's new annual salary, we multiply his new monthly salary by the number of months in a year (12):
New annual salary = $2781 * 12 = $33,372
Therefore, Richard's new annual salary is $33,372.