Question

The beginning mean wage in a certain industry is $35,240.00. If the mean wage grows by 5.125%, what is the new mean wage?

Answer 1

Answer:

$37046.05

Step-by-step explanation:

new mean wage = beginning mean wage x (105.125%)

                            = 35240 x 105.125%

                            = 37046.05

Answer 2

Answer:

$37,046.05

Step-by-step explanation:

New mean wage :

• Original mean wage (1 + % increase)
• $35,240.00 (1 + 5.125%)
• $35,240.00 (1.05125)
• $37,046.05