SOLUTION: 5. Business and finance: Under a new contract, the salary for a position increase from $31,000 to $33,635. What rate of increase does this represent?

Question 125830: 5. Business and finance: Under a new contract, the salary for a position increase from $31,000 to $33,635. What rate of increase does this represent?

Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
First let's find the difference between $31,000 and $33,635

So the difference between $31,000 and $33,635 is $2,635

Now to find the rate of increase, simply divide $2,635 by the original amount $31,000

Now multiply 0.85 by 100 to get a percentage

So the rate of increase is 8.5%
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