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?
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?