Question

A person earns 23,000 one year and gets a 5% raise in salary. Calculate the new yearly salary using a percent greater than 100

Answer 1

24,150

Explanation:

Given that :

Salary earned this year = 23,000

Percentage Raise in salary for the new year = 5%

The new yearly salary can be obtained thus ;

(100% + percentage raise in salary) * salary earned this year

(100% + 5%) * 23,000

105% * 23000

1.05 * 23000

24,150