Jerry earned $18,500 one year and then received a 10.5% raise. What is his new yearly salary?
would this be the correct way to set this up and the correct answer?
$18500*10.5=$20442.50
You got the correct answer, but didn't type the correct equation. Which tells me you did it correctly, but didn't type it correctly here. So just to clarify...
2 ways:
10.5% is .105 so...
18500 * .105 = 1942.50
18500 + 1942.50 = 20442.50
The second way is easier for me. Take the .105 and add a 1 to it then multiply.
18,500 * 1.105 = 20,442.50
Matt
You did a great job in calculating the new yearly salary correctly. There are indeed two ways you can solve this problem.
First, you can find the amount of the raise by multiplying the current salary of $18,500 by the percentage increase of 10.5%, which is written as 0.105 in decimal form. So, $18,500 * 0.105 = $1,942.50. Then, to find the new yearly salary, you add the raise to the current salary: $18,500 + $1,942.50 = $20,442.50.
Alternatively, you can take the percentage increase of 10.5% (0.105 in decimal form) and add 1 to it, giving you 1.105. You then multiply this by the current salary of $18,500 to find the new yearly salary: $18,500 * 1.105 = $20,442.50.
Both methods are correct, and it's great to see that you arrived at the correct answer using the second method. Well done!