Pearson's Solar Systems manufactures solar panels, and their business is growing. Last year, they hired 88 new employees, and this year they have hired 110 new employees. What is the percent of increase in the number of employees hired each year?
To calculate the percent increase in the number of employees hired each year, we need to use the following formula:
Percent Increase = ((New Number of Employees - Old Number of Employees) / Old Number of Employees) * 100
For last year:
Old Number of Employees = 0
New Number of Employees = 88
Percent Increase = ((88 - 0) / 0) * 100 = (88 / 0) * 100 = undefined
For this year:
Old Number of Employees = 88
New Number of Employees = 110
Percent Increase = ((110 - 88) / 88) * 100 = (22 / 88) * 100 = 0.25 * 100 = 25%
Therefore, the percent increase in the number of employees hired this year compared to last year is 25%.