Ferguson Financial Advisers Inc. (FFAI) allocates 76% of its annual budget to employee compensation. FFAI spends $1,345,000 annually on employee compensation. What is the annual budget of FFAI?
0.76x = 1,345,000
1.345.000/.76
Then, this by 100%
Hope it helps
1379821.30
1650900.81
1732955.45
1769736.84
are my choices I cannot figure this out!
THANK YOU TheAnswer!
To find the annual budget of FFAI, we need to calculate the total amount spent on employee compensation as a percentage of the annual budget.
Step 1: Determine the total percentage allocated for employee compensation
The problem states that FFAI allocates 76% of its annual budget to employee compensation.
Step 2: Calculate the total budget
To find the annual budget, we divide the total amount spent on employee compensation by the percentage allocated to employee compensation.
Total budget = Amount spent on employee compensation / Percentage allocated for employee compensation
In this case, the amount spent on employee compensation is given as $1,345,000, and the percentage allocated for employee compensation is 76%.
Total budget = $1,345,000 / 0.76
Dividing $1,345,000 by 0.76, we find that the annual budget of FFAI is approximately $1,768,421.05.