A worker's hourly wages changed from $14.3 to $15.65. Find the percent increase of their wages.
Answer (2)
Calculate the increase in wages: $Increase = $15.65 - $14.3 = 1.35 .
Calculate the percent increase: $Percent_increase = \frac{$1.35}{ 14.3} \times 100 .
Perform the calculation: P erce n t _ in cre a se ≈ 9.44055944 .
Round to two decimal places: The percent increase is 9.44% .
Explanation
Understanding the Problem We are asked to find the percent increase in a worker's hourly wages when the wages changed from $14.3 to $15.65.
Calculating the Increase in Wages First, we need to calculate the amount of the increase in wages. This is found by subtracting the initial wage from the final wage:
$Increase = Final_wage - Initial_wage = $15.65 - $14.3 = 1.35
Calculating the Percent Increase Next, we calculate the percent increase by dividing the increase in wages by the initial wage and then multiplying by 100:
$Percent_increase = \frac{Increase}{Initial_wage} \times 100 = \frac{$1.35}{ 14.3} \times 100
Rounding to Two Decimal Places Now, we perform the calculation:
14.3 1.35 × 100 ≈ 9.44055944 ≈ 9.44
We round the result to two decimal places as requested.
Final Answer Therefore, the percent increase in the worker's hourly wages is approximately 9.44%.
Examples
Imagine you are tracking the growth of your investment portfolio. If your portfolio increased from $1,000 to $1,094.40 over a year, calculating the percent increase helps you understand the rate of return on your investment. In this case, the percent increase is calculated as (($1,094.40 - $1,000) / $1,000) * 100 = 9.44%. This tells you that your investment grew by 9.44% over the year, which is a useful metric for evaluating the performance of your investments and making informed financial decisions.
The percent increase in the worker's hourly wages is approximately 9.44%, calculated by finding the increase of $1.35 and dividing it by the original wage of $14.30, then multiplying by 100. The calculation reveals a healthy rise in wages. This change indicates favorable conditions for the worker's income.
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