Question

A local elementary is applying for a four-year grant to provide an afterschool science program. The amounts budgeted for different items for the first year of a grant are shown below. The grant writer wants to increase all the amounts by 4% for Year 2, by 2.5% for Year 3, and by another 2% for Year 4. Complete the table to show the calculated amounts.

Answer 1

Given that the grant writer wants to increase all the amounts by 4% for Year 2, by 2.5% for Year 3, and by another 2% for Year 4, you can convert each percent to a decimal number by dividing them by 100:

$4\text{ \%}=\frac{4}{100}=0.04$

$2.5\text{ \%}=\frac{2.5}{100}=0.025$

$2\text{ \%}=\frac{2}{100}=0.02$

• You know that in Year 1, the amount of money budgeted for Salaries and benefits is $115,000. Therefore:

- In Year 2 it will be (in dollars):

$115,000+(115,000)(0.04)=119,600$

- In Year 3:

$119,600+(119,600)(0.025)=122,590$

- In Year 4:

$122,590+(0.02)(122,590)\approx125,042$

• Apply the same procedure for Insurances, knowing that, for Year 1 the budget is $14,500:

- In Year 2:

$14,500+(14,500)(0.04)=15,080$

- In Year 3:

$15,080+(15,080)(0.025)=15,457$

- In Year 4:

$15,457+(0.02)(15,457)\approx15,766$

• For Resources and Supplies, you get:

- In Year 2:

$5,500+(5,500)(0.04)=5720$

- In Year 3:

$5,720+(5,720)(0.025)=5,863$

- In Year 4:

$5,863+(0.02)(5,863)\approx5,980$

Hence, the answer is: