Answer:
$12.31
Step-by-step explanation:
Think of the original rate of pay as being 100%.
If your rate is increasing by 7%, it will now be 107% of the original rate (since 100% + 7% = 107%)
To find 107% of $11.50, convert 107% into a decimal
⇒ 107% = 107/100 = 1.07
then multiply this by the original rate to get the new increased rate:
⇒ $11.50 × 1.07 = $12.305
Rounding this to the nearest hundred = $12.31
Alternatively, you can find 7% of $11.50 and then add this to $11.50.
⇒ 7% = 7/100 = 0.07
Therefore, 7% of $11.50 = 0.07 × $11.50 = $0.805
Add this to the original rate:
$11.50 + $0.805 = $12.305
Rounding this to the nearest hundred = $12.31
