Question

Tait earns $89,000 this year. He gets a cost of living raise to compensate for yearly inflation of 396. What will his raise be next year?

Answer 1

Step-by-step explanation:

His raise is 3% of 89.000

.03*89.000=$2.670

His new salary is ( to get the number you need to add 89.000+2.670={$91.67})

                                 

Answer 2

Tait's raise in the coming year will be $2,670

Question meant to say that the inflation is 3%.

Inflation refers to the general rise in the price of goods and services in a country. It therefore makes a currency weaker because that currency will only be able to buy less than it could before.

The raise will have to be 3% as well to ensure that inflation does not affect Tait

The raise is based on his salary so can be found by:

= Amount Tait earns x Inflation rate

= 89,000 x 3%

= $2,670

In conclusion, the raise is $2,670

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