An employee's annual salary was increased from $22,464.00 to $24,710.40 last year.If it is increased by the same percent this year,what will be the employee's salary? Thanks!
To find the employee's salary for this year, we need to determine the percent increase from last year and apply it to the salary for last year.
Step 1: Calculate the percent increase from last year:
Percent Increase = (New Salary - Old Salary) / Old Salary * 100
Given:
Old Salary = $22,464.00
New Salary = $24,710.40
Percent Increase = (24,710.40 - 22,464.00) / 22,464.00 * 100
Percent Increase = 2246.40 / 22,464.00 * 100
Percent Increase ≈ 10%
Step 2: Apply the percent increase to last year's salary to find the salary for this year:
Salary for this year = Old Salary + (Percent Increase * Old Salary/100)
Given:
Old Salary = $22,464.00
Percent Increase ≈ 10%
Salary for this year = 22,464.00 + (10/100 * 22,464.00)
Salary for this year = 22,464.00 + 2,246.40
Salary for this year = $24,710.40
Therefore, the employee's salary for this year will be $24,710.40.
To find the employee's salary this year, we need to calculate the increase as a percentage and apply it to the salary from last year. Here's how you can do it:
1. Calculate the increase amount: Subtract the initial salary from the final salary.
Increase = $24,710.40 - $22,464.00 = $2,246.40
2. Calculate the increase as a percentage: Divide the increase amount by the initial salary and multiply by 100.
Increase percentage = (Increase / Initial salary) * 100
Increase percentage = ($2,246.40 / $22,464.00) * 100 = 10%
3. Apply the increase percentage to the initial salary to find the salary for this year:
Salary this year = Initial salary + (Initial salary * Increase percentage)
Salary this year = $22,464.00 + ($22,464.00 * 0.10) = $22,464.00 + $2,246.40 = $24,710.40
Therefore, the employee's salary this year will be $24,710.40.
(24,710.40-22,464)/22,464 = % increase
1.(% increase) * 24,710.40 = ?