Question

A university president salary for the 2012-2013 academic year was $483,000. Calculate his 2013-2014 salary if he received a 3.1% raise. Show work please!

Answer 1

Answer: The 2013-2014 salary can be calculated as follows:

$483,000 + ($483,000 * 3.1%) = $483,000 + $14,973 = $497,973.

So, the university president's 2013-2014 salary was approximately $497,973 after receiving a 3.1% raise.

Explanation: