An employee currently earning $13.85 per hour has been awarded a 3.5 percent merit raise. What will the employee's hourly salary be with this increase?
13.85 * 1.035 = ?
To find the employee's new hourly salary after the merit raise, you need to calculate the increase and add it to the current salary.
Step 1: Calculate the increase
To calculate the increase, multiply the current salary by the percentage increase.
Increase = Current Salary * Percentage Increase
In this case, the current salary is $13.85, and the percentage increase is 3.5%.
Increase = $13.85 * 0.035
Step 2: Add the increase to the current salary
To find the new hourly salary, add the increase to the current salary.
New Salary = Current Salary + Increase
New Salary = $13.85 + (Increase calculated in step 1)
By substituting the value of the increase into the equation:
New Salary = $13.85 + ($13.85 * 0.035)
Finally, simplify the equation to get the answer:
New Salary = $13.85 + $0.48475
New Salary = $14.33475
Therefore, the employee's hourly salary with the 3.5 percent merit raise will be $14.33.