Question

The beginning mean weekly wage in a certain industry is $789.35. If the mean weekly wage grows by 5.125%, what is the new mean annual wage?

Answer 1

To find:

The new mean annual wage.

Solution:

The given mean weekly wage is $789.35.

Given that mean weekly wage grow by 5.125%.

So, the new mean weekly wage becomes:

$\begin{gathered} 789.35\times\frac{100+5.125}{100}=789.35\times\frac{105.125}{100} \\ =789.35\times1.05125 \\ =829.8041875 \end{gathered}$

So, the new weekly wage is $829.8041875.

A year has