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?

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

d=33635-31000=2635


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

2635%2F31000=0.085


Now multiply 0.85 by 100 to get a percentage

0.85%2A100=8.5

So the rate of increase is 8.5%