Sean and Jamison are professional jugglers. They made $45,000 in 2019. In 2020 they made $60,000. By what percent did their income change?
To calculate the percent change in income, use the following formula:
Percent Change = [(New Income - Old Income) / Old Income] x 100%
In this case:
Old Income = $45,000
New Income = $60,000
Percent Change = [($60,000 - $45,000) / $45,000] x 100%
Percent Change = ($15,000 / $45,000) x 100%
Percent Change = 0.33 x 100%
Percent Change = 33%
Therefore, their income increased by 33%.