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Chapter 6: Problem 3

This year, the hourly wage from your part-time job is \(\$ 13.00,\) up from last year's 12.50 . What percent increase does this represent?

Short Answer

Expert verified
Answer: 4%

Step by step solution

01

Calculate the increase in wage

To determine the increase in wage, subtract the old wage (last year's wage) from the new wage (this year's wage): Increase in wage = This year's wage - Last year's wage. In this case, the Increase in wage = 13.00 - 12.50 = \(\$0.50\)
02

Calculate the percentage increase

To calculate the percentage increase, we will divide the increase in wage by the old wage (last year's wage) and multiply by 100 to get the result in percentage: Percentage increase = (Increase in wage / Last year's wage) * 100 Percentage increase = (\((0.50) / 12.50) * 100\)
03

Completing the calculation

Now let's complete the calculation for the percentage increase: Percentage increase = \((0.50/12.50) * 100\) Percentage increase = \((1/25) * 100\) Percentage increase = \(4\) Thus, the percent increase in hourly wage from last year to this year is 4%.

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