Question

Billy received a raise after his first year on the job to $45,000 from his initial salary of $42,400. What was his real raise stated as a percentage? Inflation averaged 2.4 percent for the year. Round your answer to two decimal places.

Answer 1

Billy get 5.9% raise after completing first year.

What is PERCENTAGE?

A percentage is a number or ratio that can be expressed as a fraction of 100. If we have to calculate percent of a number, divide the number by the whole and multiply by 100.

Here, Billy's initial salary = $ 42,500

After raise, salary become $ 45,000

Change in salary = Raised salary - Initial salary

                            = 45000 - 42500

                            = $ 2500

% Change = change / initial salary  X 100

                  = 2500 / 42500 X 100

                  = 0.0589 X 100

                  ≈ 5.9 %

Thus, Billy get 5.9% raise after completing first year.

Learn more about Percentage from:

brainly.com/question/14979505

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