Question

Compare a pay increase to the inflation rate. Assume that the inflation rate for the past year was 4 percent. You are worried that your pay is not keeping pace with your cost of living. Your average net pay this year is $2,225 per month. It was $2,176 last year. Based on this information, your average net pay per month increased ______________ %. (Round your answer to one decimal place.)

Answer 1

The New pay in current year is = $ 2225

The old pay in the last year was = $ 2176

percentage (%) increase formula = (new value- old value ) *100 / old value

which becomes,,

$\frac{2225-2176}{2176} *100$

which equals to 2.3% .

Hence, the average net pay per month increased is  2.3% .

Answer 2

Answer:

percentage increase in salary = 2.3%

Step-by-step explanation:

given data:

This year monthly pay $2225

last year monthly pay $2176

change in monthly salary is  = this year salary - last year salary

                                               = 2225 - 2176 = 49

average average net pay increase in month  is given as

percentage increase $= \frac{change\ in\ monthly\ salary}{last\ year\ salary} \100$

percentage increase in salary $= \frac{49}{2176} \times 100$

percentage increase in salary = 2.3%