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Explanation:
Having the salary increase by 3% means we can use the multiplier 1.03
Think of it like 100% + 3% = 1 + 0.03 = 1.03
The new salary is 52,000*1.03 = 53,560 dollars
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The slightly longer way to do this is to first figure out how much 3% of 52,000 is
3% of 52,000 = 0.03*52,000 = 1560
Ricardo earns $1560 more dollars on top of the salary of $52,000
So overall his new salary is $1,560 + $52,000 = $53,560
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Personally, I prefer the first method because it's quicker and it allows for multiple percentage increases to chain together. It also could be used to chain in percentage decreases as well.
