Joshua Vermier of Sacramento, California, received a raise after his first year on the job to $45,400 from his initial salary of $42,800. What was Joshua’s raise stated as a percentage? Inflation averaged 2.4 percent for the year. Round your answer to one decimal place.

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anthougo anthougo · Answer 1 · 2022-09-13T16:38:28+02:00

1. Joshua's raise stated as a percentage is 6.1%.

2. When inflation is factored in, Joshua's raise reduces to 3.7%

A percentage is the ratio of a variable when compared to the whole.

Percentages are expressed over 100, like ratios, probabilities, and proportions.

Initial salary on the job = $42,800

New salary after the raise = $45,400

The salary increase in dollars = $2,600 ($45,400 - $42,800)

The salary increase in percentage = 6.1% ($2,600/$42,800 x 100)

Inflation rate = 2.4%

The real increase in salary = 3.7% (6.1 - 2.4%).

Thus, Joshua’s raise stated as a percentage is 6.1%.

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