prev pay $61,734.4, new pay $74,400; find percent increase

[EnJ]

Jim just got a raise at work. His previous salary was $61,734.4; his new salary is $74,400. What percent did his salary increase by? Prove your work.

I started by dividing his old salary by his new salary, subtracting 1 from that answer, and then multiplying by 100.

(61,734.4 / 74,400) = .8298

1 - .8298 = .1702

.1702 * 100 = 17.02%

To prove it, I should be able to multiply the decimal form of 17.02% + 1 and then multiply that by his old salary, but it doesn't work.

(1 + .1702) * $61,734.4 = $72,243.85

What am I doing wrong?

 

[galactus]

Re: Calculating a percentage

We can set it up rather easily.

The percent increase is not 17%. It's a little more. That is some raise. He must have done something very good to get that much.

Let x=the percent of the raise.

61734.4+61734.4x=74400

Solve for x.

See, the difference between his old salary and his new is what we need. Then divide 74400 into that.

 

[Denis]

Re: Calculating a percentage

I started by dividing his old salary by his new salary, subtracting 1 from that answer, and then multiplying by 100.
(61,734.4 / 74,400) = .8298
1 - .8298 = .1702

"subtracting 1 from that answer" means .8298 - 1

divide new by old, then subtract 1

 

[EnJ]

Re: Calculating a percentage

Let x=the percent of the raise.

61734.4+61734.4x=74400

Solve for x.

I guess I screwed that one up; it makes sense now.

61734.4 + 61734.4x = 74400

61734.4x = 12665.6

12665.6 / 61734.4 = 20.52%

I appreciate your help.

The percent increase is not 17%. It's a little more. That is some raise. He must have done something very good to get that much.

Jim is actually a dirtbag. He just weaseled his way into a management position :mrgreen:

 

[galactus]

Re: Calculating a percentage

Jim is actually a dirtbag. He just weaseled his way into a management position :mrgreen:

Typical, I have seen it many times myself over the years. The Peter Principle .

 

[mmm4444bot]

Re: Calculating a percentage

.. The Peter Principle.

LOL! (Oh, I have such a dirty mind ...)

My apologies to Dr. Laurence.

~ Mark