Question

say that the economy is in an expansion, causing wages to increase by six percent. if you previously received a monthly salary of $1,375.00, what will your new monthly salary be? round all dollar values to the nearest cent.
a. $2,365.00
b. $1,604.17
c. $1,462.77
d. $1,457.50

Explanation:

Identify the given values and target

$$
LATEXBLOCK0
$$

Calculate the salary increase

$$ \text{Increase} = \$1,375.00 \times 0.06 = \$82.50 $$

Calculate the new monthly salary

$$ \text{New Salary} = \$1,375.00 + \$82.50 = \$1,457.50 $$

Answer:

• a. $2,365.00
• b. $1,604.17
• c. $1,462.77
• d. $1,457.50 (Correct answer)