Nick received a $7000 raise. If his previous salary was $55,000 what was the percent of increase in salary?
100(7,000/55,000) = ______% increase
To find the percent increase in salary, we need to calculate the difference between the new and old salaries, and then express that difference as a percentage of the old salary.
The difference between the new salary and the old salary is $7000.
So, to determine the percentage increase, we divide the difference by the old salary and multiply by 100:
Percentage increase = (Difference / Old salary) * 100
Plugging in the values:
Percentage increase = (7000 / 55000) * 100
Calculating this:
Percentage increase ≈ 0.1273 * 100
Therefore, the percent increase in salary is approximately 12.73%.