In a budget plan, fixed expenses were $475. They have gone up 5%. What will the updated total fixed expenses be?
To calculate the updated total fixed expenses, we first need to find the increase in fixed expenses due to the 5% increase.
Increase = $475 * 5% = $475 * 0.05 = $23.75
Now we can calculate the updated total fixed expenses by adding the increase to the original fixed expenses:
Updated Total Fixed Expenses = $475 + $23.75 = $498.75
Therefore, the updated total fixed expenses will be $498.75.